23 October 2024
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 2024 (the “Period”).
Highlights:
· Total Shareholder return of 12.1% for the Period comprising the growth in Net Asset Value and the aggregate dividends paid in March, May and July 2024
· Net Asset Value has increased by £23.7m over the Period to £252.9m, a 10.3% increase (31 January 2024: £229.2m; 31 July 2023: £203.5m)
· Net Asset Value per share 690.8p*, a 9.8% increase (31 January 2024: 629.0p; 31 July 2023: 567.3p)
· Consolidated profit before tax of £29.0m for the Period (six months to 31 July 2023: £15.6m; year ending 31 January 2024: £43.6m)
· Group liquidity of £80.2m as at 31 July 2024
· Two Post Period new investments, both Underwriting Agencies, in CEE Specialty and Volt UW
· Current liquidity £78.4m
*The fully diluted Net Asset Value per share is 658.5p and includes the remaining 1,038,699 shares held within the Employee Benefit Trust, but also includes £2.9m of loan repayable if the remaining shares, including 236,259 currently unallocated, are sold. The diluted NAV per share also includes the 1,682,500 options over ordinary shares granted to certain Directors and employees of the Group in November 2023 as the performance criteria for NAV growth had been met as at 31 July 2024 (31 January 2024: 626.9p; 31 July 2023: 556.3p).
Commenting on the results, Brian Marsh OBE, Chairman, said:
“We are pleased to report another strong set of results, delivering growth in portfolio value, investment realisations and shareholder returns.
“The completion of the disposal of Paladin during the period showcases the success of B.P. Marsh’s investment model, our ability to identify opportunities and to back successful management teams.
“We remain committed to maintaining this momentum, leveraging our expertise to drive further sustainable growth via new investment opportunities and follow-on funding.
“The Board is pleased to welcome Fran as CFO, and given her extensive experience and long-standing tenure, we believe she is well-suited to assume the role. We would also like to thank Jon for his service and wish him well for his future endeavours.”
Analyst briefing and investor presentation:
An analyst presentation, hosted by the Company, will be held on Wednesday 23 October 2024 at 10.00 a.m. BST. Analysts wishing to attend should contact bpm@tavistock.co.uk to register.
Management will also provide a live presentation for all existing and potential shareholders via the Investor Meet Company platform at 11.00 a.m. on 23 October 2024.
Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9.00 a.m. today 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 via: https://www.investormeetcompany.com/bp-marsh-partners-plc/register-investor
Note
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
| For further information, please visit www.bpmarsh.co.uk or contact: | |
| B.P. Marsh & Partners PlcBrian Marsh OBE / Alice Foulk | +44 (0)20 7233 3112 |
| Nominated Adviser & Joint Corporate Broker:Panmure Liberum LimitedAtholl Tweedie / Amrit Mahbubani / Ailsa MacMaster | +44 (0)20 7886 2500 |
| Joint Corporate Broker:Singer Capital Markets Advisory LLPCharles Leigh-Pemberton / James Moat / Asha Chotai | +44 (0)20 7496 3000 |
| Financial PR & Investor Relations:TavistockSimon Hudson / Katie Hopkins | bpmarsh@tavistock.co.uk+44 (0)20 7920 3150 |