Gresham House Strategic strengthens portfolio in first half

(ShareCast News) - Asset management company Gresham House Strategic reported strong operating and strategic progress within its portfolio in the first half, driving NAV per share up by 8.5%, outperforming the FTSE small-cap (ex Investment Trusts) Index by 2.0%.The group's portfolio valuation including cash and other net assets was £39.9m in the six months ended 30 September 2016 compared to £36m in 2015.The group increased its investment capital in Northbridge Industrial services bumping up its stake to 10.9%. Second investment of growth capital was in Be Heard backing the acquisition of MMT Digital, increasing stake to 10.6%.Realised and unrealised gains on investment of £3.7m, up from £2.9m in 2015. Profit before tax rose to £3.2m from a loss of £0.5m in the previous period.Around 15p per share was available for return to shareholders, according to the company's policy to return half of net profit on realised gains on investment, at the period end.Following the period end ,the company engaged in two more investments.The first was a £1m pre-IPO, convertible loan note investment in a private company, MJ Hudson, the integrated adviser and service provider to the alternative asset management industry and the second was an initial £0.8m commitment to invest in Warpaint London plc, a fast growing global cosmetics brand expected to be admitted to trading on AIM at the end of November 2016.The share price rose 1% to 760p at the close on Friday.