Specialist private equity investor B.P. Marsh & Partners Plc has reported that Net Asset Value increased to £203.5 million in its half-year results for the six months to 31st, July, 2023, from £189.5 million as at January 31st, 2023, and £179.8 million a year earlier.
According to the firm, this equates to an Net Asset Value per share of 567.3p, compared to 499.0p in 2022.
B.P. Marsh disclosed that its cash and treasury balance as of 31 July 2023 stood at £4.3 million.
The firm’s consolidated profit before tax was £15.6 million, down from £17 million at six months to 31 July 2022, and from the £27.6 million reported at the end of January 2023.
Meanwhile, it also saw an equity portfolio valuation increase of 8.6%.
As announced on 23 May 2023, B.P. Marsh agreed to the sale of its 18.7% shareholding in Kentro, the London-based insurance industry investment group for £51.5 million net of all costs. As subsequently announced on 9 October 2023, all conditions were met and the group received £51.5 million in proceeds, the company said.
“We believe the successful sale of Kentro underpins B.P. Marsh’s approach to its valuation methodologies and demonstrates that our track record is both reliable and reasonable. The sale of Kentro for £51.5m represents an IRR of 24% inclusive of income and fees and a money multiple on the equity investment of 3.41x.”
With the receipt of the proceeds of sale from Kentro, the board has declared a special dividend of 2.78p per ordinary share to be paid on 24 November 2023 to all shareholders on the register as at 27 October 2023, the company noted.
“As the remainder of 2023 continues, the Group is in a strong position from a cash and new business perspective to capitalise on opportunities both within our current portfolio and outside of it. As supportive investors, we intend to ensure that the capital requirement needs of our portfolio can be met to aid further growth whilst also ensuring we are able to invest in attractive new business opportunities which fit the Group’s criteria,” Brian Marsh OBE, Chairman of B.P. Marsh commented.
“The Group also reminds its shareholders that the intention is to pay an aggregate dividend of £2.0m in 2024, via an interim dividend of £1.0m around February 2024 and a final dividend of £1.0m in July 2024 subject to Shareholder Approval, and to replicate this for the subsequent two financial years,” Marsh continued.
“The Group is pleased with its performance to 31 July 2023, demonstrating once again the success of its track record and has positioned itself in a place to be able to utilise the proceeds of sale from Kentro effectively,” it concluded.
