B.P. Marsh & Partners Plc, the specialist investor in financial services intermediary businesses, announces its unaudited Group interim results for the six months to 31 July 2018.
The financial highlights for the Period are:
- Net Asset Value (“NAV”) at 31 July 2018 of £120.1m (31 July 2017: £88.8m)
- NAV per share of 333p (31 Jan 2018: 339p, adjusted NAV post July 2018 Placing: 321p)
- 6.7% increase in the equity value of the portfolio in the Period
- Increased final dividend of 4.76p per share for the year to 31 January 2018 declared and paid in July 2018
- 6.4% total shareholder return in the period
- Intended dividend of at least 4.76p per share for the current year ending 31 January 2019
- Dividend covered 7 times by uncommitted cash as at 15 October 2018
- £16.6m cash raised (after costs) in Placing and Open Offer completed in July 2018
- Cash and treasury funds balance of £15.4m, of which £15.1m uncommitted at 31 July 2018
- As at 15 October 2018 uncommitted cash of £12.7m available for investment
The portfolio highlights for the Period are:
- New investment in ATC Insurance Solutions PTY Limited
- LEBC Holdings Limited’s acquisition of Aspira Corporate Solutions Limited completed
- Nexus Underwriting Management Limited acquisitions of two specialist MGAs
Brian Marsh, B.P. Marsh Chairman, commented,
“The performance of our portfolio of eighteen investments has been pleasing during the Period with the majority of our investments delivering strong returns. We expect this to continue for the remainder of the year.”
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