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LONDON (Alliance News) - Venture capitalist BP Marsh & Partners PLC Tuesday said its net asset value rose year-on-year in the first half of the year.
The company said its net asset value increased to GBP59.8 million in the six months to July 31, up from GBP56.9 million a year earlier. It said its NAV per share increased to 205 pence, compared with 195 pence the prior year.
"During the period we have achieved a steady growth in the equity value of the portfolio, with an increase of 5.0% in the period and an increase of 13.7% since 31st July 2013, excluding realisation proceeds," the company said in a statement.
The company said it generated a net profit of GBP1.7 million for the six months period, compared with a GBP1.4 million profit a year earlier.
"The interim period has been one of bedding in our most recent acquisitions, particularly our new investments in Australia. We consider this territory to present interesting opportunities for our investee companies located there in the coming months and years, given Australia's increasing importance to the Lloyd's of London market," it said.
BP Marsh & Partners shares were trading 6.6% higher Tuesday morning at 137.00 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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