B.P. Marsh & Partners Plc
(“B.P. Marsh”, “the Company” or “the Group”)
Half Year Results
Converting Portfolio Value into Shareholder Returns
B.P. Marsh & Partners Plc (AIM: BPM), the specialist private equity investor in early-stage financial services businesses, announces its unaudited Group Half Year Results for the six months to 31 July 2026 (the “Period”).
Highlights:
- A record £13.0m of dividends (36.29p per share) paid thus far in the year ending 31 January 2027, equivalent to 3.5% of NAV, including an £8.0m special dividend declared following the sale of Stewart Specialty Risk Underwriting Limited
- Total shareholder return of 7.0% during the Period, and 10.2% for the twelve months to 31 July 2026
- NAV of £372.2m and NAV per share of 1,048.5p* at 31 July 2026 (31 January 2026: £360.2m; 1,009.9p), after the payment of these dividends
- £30.8m of equity proceeds and loan repayments received from the portfolio, including the final £9.6m tranche of deferred consideration from Paladin, US$12.1m received from XPT Group LLC, and £2.5m from Amiga Specialty Holdings Limited
- Three new investments completed during the Period, in Ventura Risk Partners, Nine Edge Wealth and Autonomy Investment Partners, alongside a follow-on investment in Pantheon Specialty Group, increasing the Group’s shareholding to 41.0%
- £9.8m of new and follow-on equity investment and £18.1m of portfolio lending during the Period
- Minimum dividend of £7.0m intended for the year ending 31 January 2028, bringing total dividends paid and/or intended across the three financial years to 31 January 2028 to not less than £28.0m
- Consolidated profit before tax of £22.8m (six months to 31 July 2025: £32.1m)
- Group liquidity of £37.4m at 31 July 2026; the Group remains debt free
*Fully diluted NAV per share of 996.0p (31 January 2026: 959.8p). See the Chief Finance Officer Update for further detail.
Commenting on the results, Daniel Topping, Chief Executive Officer, said:
“I am pleased to report another strong period for B.P. Marsh. The first half of the financial year saw us convert value built up across the portfolio into cash, delivering meaningful returns to shareholders while continuing to invest for future growth.
During the Period, we paid £13.0m in dividends and received £30.8m of equity proceeds and loan repayments from the portfolio. At the same time, we continued to back proven management teams, completing three new investments and increasing our holding in Pantheon. This balance of realisations, shareholder returns and new investment demonstrates the strength of our capital recycling model, with value generated by more mature investments helping to fund the next generation of portfolio growth.
Our approach builds on the partnership-led model established by Brian Marsh OBE, which has delivered compound NAV growth of 10.9% a year since flotation, after distributions. With £37.4m of available cash, no debt and a robust pipeline, the Group remains well placed to continue delivering long-term value for shareholders.”
Analyst briefing and investor presentation:
An analyst presentation will be held today, 20 October 2026 at 9:00am BST. Analysts wishing to attend should contact bpmarsh@teneo.com to register. Management will also provide a live presentation for all existing and potential shareholders via the Investor Meet Company platform on 21 October 2026 at 10:30am BST. Investors can sign up for free and add to meet B.P. Marsh & Partners Plc via: https://www.investormeetcompany.com/bp-marsh-partners-plc/register-investor.