B.P. Marsh & Partners Plc
(“B.P. Marsh”, “the Company” or “the Group”)
Half Year Results
B.P. Marsh & Partners Plc (AIM: BPM), the specialist investor in early-stage financial services businesses, announces its unaudited Group Half Year Results for the six months to 31 July 2025 (the “Period”).
Highlights:
- Total Shareholder return of 9.5% for the Period, comprising the growth in Net Asset Value (“NAV”) and the aggregate dividends paid in February, May and July 2025
- NAV increased by £23.1m over the Period to £349.5m, a 7.1% increase (31 January 2025: £326.4m; 31 July 2024: £252.9m)
- NAV per share of 956.1p*, a 7.4% increase over the Period (31 January 2025: 890.0p; 31 July 2024: 690.8p)
- Consolidated profit before tax of £32.1m for the Period (six months to 31 July 2024: £29.0m; year ending 31 January 2025: £104.7m)
- Group liquidity of £52.6m as at 31 July 2025
- The Group received AU$6.5m (£3.1m) in consideration for the sale of Sterling Insurance Pty Ltd
- During the Period, the Group completed three new investments, iO Finance Partners, Amiga Specialty and Cameron Specialty
- Four post-Period new investments, in Gambit Risk Finance, XPT Producer Co, Salus Capital, and Oneglobal Broking
*The fully diluted NAV per share is 909.8p and includes the remaining 761,499 shares held within the Employee Benefit Trust, as well as a £2.0m loan that would be repayable to the Company if these shares, including 236,259 currently unallocated shares, were sold. The diluted NAV per share also includes the 1,685,000 options over ordinary shares granted to certain Directors and employees of the Group in November 2023 and March 2025, in relation to which the performance criteria for NAV growth has been met.
Commenting on the results, Brian Marsh OBE, Chairman, said:
“The first half of 2025 was another successful period for the Company. Our core model remains unchanged: identifying opportunities in early-stage financial services distribution businesses. These are particularly, but not exclusively, within insurance and supporting entrepreneurial management teams as they grow their operations.
I am pleased to report both substantial profits for the Company and dividends for shareholders, including an interim dividend of £2.5m, a special dividend of £3.0m and a final dividend of £2.5m, bringing total cash returns to £8.0m so far in the financial year ending 31 January 2026. We were delighted to welcome new institutional shareholders following a phased secondary placement of shares, diversifying our share register and demonstrating market confidence in our long-term prospects.
New investments in the Period included Cameron Specialty and Amiga Specialty, whose management teams are experienced insurance practitioners. Additionally, the Group made an investment in iO Partners, which invests in a portfolio of specialist lenders and we believe that, in time, these will deliver exceptional value to shareholders.
These new investments, combined with the successful disposal of Sterling Insurance in Australia, mean we entered the second half of our financial year in an exceptionally strong position in terms of portfolio holdings and NAV. Our new business pipeline is growing and, with our considerable available cash, we are well placed to make further new investments.
As the insurance rating environment continues to soften, we have balanced our portfolio towards supporting specialist teams that can deliver market-beating returns. This is consistent with what has historically been the signature B.P. Marsh operating model of selecting compelling opportunities in insurance distribution.”