B.P. Marsh & Partners increases its profits and NAV during first-half

Private equity investor B.P. Marsh & Partners saw its profits rise in the first six months of the year after a period of portfolio growth.The company's net asset value (NAV) increased to £59.8m compared to the £56.9m seen in the same period last year, while profit before tax rose to £2.1m from £1.6m.However, B.P. Marsh reduced its cash and equivalents significantly from £22.4m to £3.8m during the first-half.The group acquired a 5% stake in Nexus, a managing agency, and saw "encouraging progress" in its Spanish investment Summa.It also invested in the Australian market, where it has identified "interesting opportunities" as the country is of increasing importance to the Lloyd's of London market.Chairman Brian Marsh said: "We continue to see a number of investment opportunities with good management and business plans that would fit with our tried and tested business strategy and the directors consider that the group remains unique in its investment sector."Panmure Gordon analysts said the shares are "undervalued", recommending investors to 'buy' the stock and assigning a 162p target price.Shares were up 7.2% to 137.75p on Tuesday at 12:30.