13 June 2023
B.P. Marsh & Partners Plc
(“B.P. Marsh”, “the Company” or “the Group”)
Final Results for the Year to 31 January 2023
B.P. Marsh & Partners Plc (AIM: BPM), the specialist private equity investor in early stage financial services businesses, announces its audited Group Final Results for the year ended 31 January 2023.
Highlights:
· Total Shareholder return of £23.9m (14.4%) for the year including the dividend paid in July 2022
· Net Asset Value has increased by £22.9m to £189.5m (31 January 2022: £166.6m), a 13.8% increase
· Net Asset Value per share increased by 63.5p to 526.2p* (31 January 2022: 462.7p)
· Post year end disposal of Kentro for £51.5m (subject to regulatory approval)
· New dividend and buy-back policy will see 25% of proceeds of Kentro sale to be returned to Shareholders
· Robust pipeline of new investments
· Consolidated profit before tax of £27.6m (31 January 2022: £19.4m)
· Equity portfolio valuation increase of 19.1% (2022: 14.7%)
· Completion of Summa realisation during the year (£9.6m including Loan)
· Interim Dividend paid on 28 February 2023 of 1.39p per share and proposed Final Dividend of 1.39p per share payable in July 2023 (2022: 2.78p total)
*The diluted Net Asset Value per share is 516.8p including shares held within an Employee Benefit Trust which have met certain performance criteria (31 January 2022: 455.6p).
Commenting on the results, Brian Marsh OBE, Chairman, said:
“The sale of our interest in Kentro, post year-end, for an expected £51.5 million validates both the strength of our long-term business model and our valuation methodology – producing a multiple on the equity investment at an exit price precisely in line with our valuation. This exit has enabled the Board to put in place a three-year strategy to return £13m to shareholders.
“The c.14% increase in NAV (net of dividend) reported in these results demonstrates the strength of our business model which focuses on difficult to replicate opportunities, principally in the growing insurance intermediary markets globally. I look forward to reporting further progress for the current financial year, subject as always to the absence of major macro-economic shocks.”
Analyst and investor briefing:
There will be an analyst call today at 10:00am BST. Any analysts wishing to join the call should register to receive an invitation by emailing bpmarsh@tavistock.co.uk if they have not already done so.
The Company will also provide a live presentation for all existing and potential shareholders via the Investor Meet Company platform on 15 June 2023 at 11:00am BST.
Questions can be submitted pre-event via your Investor Meet Company dashboard up until 09:00am BST the day before the meeting or at any time during the live presentation. Investors can sign up to Investor Meet Company for free and add to meet B.P. Marsh & Partners Plc via:
Investors who already follow B.P. Marsh & Partners Plc on the Investor Meet Company platform will automatically be invited.