LONDON (Alliance News) - Niche venture capital provider BP Marsh & Partners PLC Monday said its portfolio companies are still performing well and that it intends to maintain its dividend levels for the next two years.
Posting a trading update for the six months to July 31, the group said its Besso Insurance Group Ltd arm has continued its international expansion plans with the opening of a new office in Brazil, coming on the back of new office openings in Turkey and Australia.
Edinburgh-based LEBC Holdings Ltd has continued to perform well, BP Marsh said, making a profit of GBP774,000 in the year to September 30, 2013, a 39% rise year-on-year.
BP Marsh also said MB Prestige Holdings Pty Ltd posted a pretax profit of AUD774,000 on the back of revenue of AUD3.9 million in 2013.
In the period, BP Marsh sold its stakes in Portfolio Design Group International Ltd, Morex Commercial Ltd, Preferred Asset Management Ltd and New Horizons Nominees Ltd for a total of GBP1.3 million.
The firm also recently subscribed for a 5% shareholding in Nexus Underwriting Management Ltd for GBP1.6 million.
BP Marsh said it intends to maintain its dividend level paid this year for 2015 and 2016. It paid a dividend of 2.75 pence per share for the year to January 31, 2014.
The company said it will post its interim results for the half-year to July 31 on October 21.
BP Marsh shares were trading 1.5% lower at 141.86 pence per share Monday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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B.p Marsh (BPM)