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LONDON (Alliance News) - BP Marsh & Partners PLC Tuesday said its net asset value, returns to shareholders and profit all increased in its last financial year as the value of its portfolio rose, and it is in a strong position to make new investments.
The venture capital provider to early-stage businesses said its net asset value on January 31 was GBP63.0 million, or 216 pence a share, up from GBP58.9 million or 202 pence a share a year earlier. The equity value of its portfolio rose 15.5% over the year, and its total return to shareholders rose to 8.2%, from 6.9% a year earlier.
Its consolidated net profit for the year was GBP4.9 million, up from GBP3.8 million a year earlier, while pretax profit rose to GBP5.9 million from GBP4.1 million that to a GBP5.1 million unrealised gain on the revaluation of its investment portfolio.
"The group is in a strong position, having adequate cash to make new investments, provide follow on funding for existing investments and to reward our shareholders," Chairman Brian Marsh said.
BP Marsh said it will pay a final dividend of 2.75 pence for the year, the same as the previous year, and said it wants to at least maintain this level of dividend in the current year.
"The management team remains positive about the company's ability to generate long term returns from the existing investment portfolio, alongside an interesting pipeline of new investment opportunities," it said.
BP Marsh & Partners shares were up 6.4% at 150.00 pence Tuesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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