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UPDATE 1-3i making progress with cost cutting measures
July 27, 2012 / 6:39 AM / 5 years ago

UPDATE 1-3i making progress with cost cutting measures

* First quarterly statement as part of transparency drive

* Asset value per share down to 275 pence

* Says making good progress on restructuring, cost cuts

LONDON, July 27 (Reuters) - Private equity group 3i said it is making progress with cost-cutting measures as it moves to a new reporting timetable it hopes will make it more transparent and win back shareholders dissatisfied at years of poor performance.

The private equity owner of womens fashion retailer Hobbs and Tommee Tippee baby bottle maker Mayborn made its maiden first-quarter announcement on Friday.

3i said asset values dipped to 275 pence a share for the three months of end June from 279 pence three months earlier.

New Chief Executive Simon Borrows promised jobs and cost cuts last month to reduce annual operating costs by 45 million pounds ($70 million) within two years as the firm seeks to beef up its earnings and return more cash to shareholders.

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