B.P. Marsh & Partners Plc (AIM: BPM), the specialist investor in early stage financial services businesses, have announced their HY results for the six months to 31 July 2024.
During the Period, the Group completed a new investment in Devonshire UW Limited, a transactional risk Underwriting Agency. The Group also made a further investment into Pantheon Specialty Group Limited, acquiring a further 7% from Management, bringing its shareholding up to 32%. The Company also participated in a pre-emption process at XPT Group LLC, whereby it acquired US $1.0m worth of shares as part of a wider internal share issue.
The Group made one realisation during the Period totalling £42.1m, being the sale of the Group’s entire 38.63% investment in Paladin which completed on 22 March 2024.
Post Period end the Group has made two further new investments. These were also in Underwriting Agencies; one based in the Czech Republic, CEE Specialty s.r.o, and the other is a newly established energy Underwriting Agency, Volt UW Ltd. The Board was impressed with the track record and strategic positioning displayed by the respective management teams and is looking forward to partnering with these strong management teams and assisting them to achieve their growth ambitions.
Financial highlights:
- Total Shareholder return of 12.1% for the Period comprising the growth in Net Asset Value and the aggregate dividends paid in March, May and July 2024
- Net Asset Value has increased by £23.7m over the Period to £252.9m, a 10.3% increase (31 January 2024: £229.2m; 31 July 2023: £203.5m)
- Net Asset Value per share 690.8p*, a 9.8% increase (31 January 2024: 629.0p; 31 July 2023: 567.3p)
- Consolidated profit before tax of £29.0m for the Period (six months to 31 July 2023: £15.6m; year ending 31 January 2024: £43.6m)
- Group liquidity of £80.2m as at 31 July 2024
- Current liquidity £78.4m
Commenting on the results, Brian Marsh OBE, Chairman, said: “We are pleased to report another strong set of results, delivering growth in portfolio value, investment realisations and shareholder returns. The completion of the disposal of Paladin during the period showcases the success of B.P. Marsh’s investment model, our ability to identify opportunities and to back successful management teams. We remain committed to maintaining this momentum, leveraging our expertise to drive further sustainable growth via new investment opportunities and follow-on funding.”
Be the first to comment