LONDON (Alliance News) - BP Marsh & Partners PLC on Tuesday said its net asset value per share increased in the first half as it saw an increase in the equity value of its portfolio.
BP Marsh, which provides venture capital funding to early stage financial services businesses, said its net asset value per share at the end of July was 225.00 pence, up from 205.00 pence at the end of July a year earlier. Its net asset value rose to GBP65.5 million, up from GBP59.8 million.
Over the half, the value of its equity portfolio increased 9.3% and is up by 20% year-on-year. In the half, the group invested in Nexus Underwriting Management Ltd and bought a stake in Property and Liability Underwriting Management Ltd, a managing general agent based in Johannesburg. BP Marsh also was boosted by a strong performance from Beso Insurance Group, which has continued to expand its reinsurance broking and managing general agent business in Dubai.
Chairman Brian Marsh said the group improved its performance in the half, but continues to consider plans to improve shareholder returns.
"We are subject of course to competing demands from our shareholders, some of whom ask for more income, some recommend further buy-backs and some are only interested in capital growth. We must therefore find a middle ground to occupy, whilst maintaining sufficient cash to develop our current portfolio businesses and invest in new opportunities, which means that we will continue to manage our resources prudently," he said.
Shares in BP Marsh were up 5.2% to 153.0001 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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B.p Marsh (BPM)