Specialist private equity investor B.P. Marsh & Partners Plc has reported that Net Asset Value (NAV) climbed 20.9% from £189.5 million to reach £229.2 million in its full year results for the year ended 31 January 2024.
At the same time, B.P. Marsh also recorded a £43.6 million increase in the equity value of its portfolio, increasing from an adjusted value of £121.8 million (taking out acquisition costs and disposals) to £165.4 million.
According to the organisation, this translates to an undiluted Net Asset Value per share of 629.0p (up from 526.2p in 2023), or 626.9p on a fully diluted basis after factoring in the vesting of shares in the Group’s Joint Share Ownership Plan (compared to 516.8p in 2023).
Moreover, B.P. Marsh disclosed that its cash and treasury balance as of 31 January 2024, was £40.5 million, representing a £28.4 million increase from the previous year. As of the date of this announcement, this balance has increased to £81.2 million due to the completion of the sale of Paladin Holdings Limited to Specialist Risk Group Limited, as well as the completion of the sale of Aspira Corporate Solutions Limited to Titan Wealth Holdings Limited.
The firm’s consolidated profit before tax sat at £43.6 million, up from £27.6 million from 31 January 2023.
If you recall, in March, B.P. Marsh and Partners completed the sale of its entire shareholding in Paladin Holdings Limited, the holding company of CBC UK Limited.
Following the completion of the sale, B.P. Marsh received a £42.1 million initial cash consideration from the disposal of its 43.8% holding in Paladin.
Furthermore, during the year, the company’s portfolio welcomed three new Investments: Verve Risk Services Limited, Pantheon Specialty Group Limited, and Ai Marine Risk Limited.
Brian Marsh OBE, Chairman, commented: “From inception over 30 years ago our investment philosophy has been consistent and continues to deliver strong returns. This latest increase in NAV is testament to our strategy, enabling the Company to continue to invest in high quality management teams as well as rewarding shareholders.
“Looking across our portfolio and the new opportunities we see, I am confident that B.P. Marsh remains the partner of choice for exciting start-up insurance intermediaries, which will drive further growth in the future.”
Commenting on the company’s outlook, Marsh revealed that the Group has an “exciting pipeline of new business it is exploring, both domestically in the UK and internationally.”
“Bolstered by its strong cash balance, the Group can and will invest in high quality opportunities that it sees, but will
continue its rigorous selective approach that has served it so well over the past three decades. A balanced approach is being taken between carefully considering new opportunities and utilising its cash balance. The Group looks forward to the upcoming year and building on its current growth trajectory,” he concludes.
