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B.P. Marsh & Partners Plc - Interim Results 2019

 

 

B.P. Marsh & Partners Plc

("B.P. Marsh", the "Company" or the "Group")

Interim Results

 

B.P. Marsh & Partners Plc, the specialist investor in financial services intermediary businesses, announces its unaudited Group interim results for the six months to 31 July 2019 (the "Period").

 

The financial highlights for the Period are:

  • Net Asset Value ("NAV") at 31 July 2019 of £130.0m (31 July 2018 restated*: £120.0m; 31 January 2019 restated*: £126.2m)
  • NAV per share of 361p (31 July 2018: 333p; 31 January 2019: 350p)
  • 4.0% increase in the equity value of the portfolio in the Period
  • Profit after tax of £5.6m
  • Final dividend of 4.76p per share for the year to 31 January 2019 declared and paid in July 2019
  • Cash balance of £1.4m as at 31 July 2019
  • Loan facility of £3.0m available to use for investment

 

The key developments for the Period are:

  • LEBC Holdings Limited valuation impacted by withdrawal from Defined Benefit transfer market. Management actions are underway
  • XPT Group LLC, based in New York City, completed a fourth acquisition in the Period and, post Period-end, successfully raised $40.0m in aggregate in funding and acquired its fifth business
  • Nexus Underwriting Management Limited secured an additional £16.0m in new loan facilities and completed the acquisitions of a specialist Trade Credit Broker and a London-based Financial and Professional Lines Managing General Agency
  • New investment in Ag Guard PTY Limited of Sydney, Australia

 

Brian Marsh, B.P. Marsh Chairman, commented,

"B.P. Marsh has continued its long track record of delivering NAV growth from its diverse portfolio of investments, despite specific challenges. As a leading specialist investor in global financial services intermediaries and with 50% of our investment portfolio revenues emanating from outside of the UK, the outlook for the rest of the financial year is positive."