BP Marsh irked at its discount to NAV

B. P. Marsh saw its share price eat into the substantial discount to the group’s net asset value after the venture capital provider issued an upbeat trading statement.‘Current economic and legislative changes have produced a higher number of good quality opportunities than in the recent past and there is reason to be optimistic about B. P. Marsh's prospects over the medium term,’ said company chairman Brian Marsh.‘Despite the challenging trading environment faced by our portfolio businesses in the period, a number of them have shown resilient growth and have used this time to consolidate their market position,’ Marsh added.As at the end of July the net asset value (NAV) of the group stood at £42.7m, once the appropriate allowance for deferred tax has been made. The end-July NAV was 2.7% lower than the NAV of £43.9m at the end of January 2009 and the NAV of £45.2m a year earlier.NAV per share at the end of July stood at 146p, down from 150p at the end of January and 154.4p at the end of July 2008, but well above the company’s share price of around 90p.The company recorded a loss before tax of £1.76m in the six months to 31 July, compared to a loss of £0.85m in the corresponding period of 2008.