The financial highlights for the Period are:
· Net Asset Value (“NAV”) at 31 July 2017 of £88.8m (31 July 2016: £73.8m)
· Increased NAV per share of 304p (31 Jan 2017: 273p, 31 July 2016: 253p)
· Increase in the equity value of the portfolio of 24.6% in the Period
· 12.8% total shareholder return (31 July 2016: 5.8%)
· Significant rise in profit after tax (unaudited) of £10.2m (31 July 2016: £4m)
· Final dividend of 3.76p per share declared and paid in July 2017
· Dividend of 3.76p per share intended for year to 31 January 2018
· Cash and treasury funds balance of £22m, of which £13.2m uncommitted
· Current uncommitted cash of £8.6m available for investment
· Increase to the top limit of funding to £5m from £3m
The portfolio highlights for the Period are:
· New investments in CBC UK Ltd (“CBC”) and XPT Group LLC (“XPT”)
· Disposals of Besso Insurance Group Limited (“Besso”) and Trireme Insurance Group Limited (“Trireme”) delivering combined proceeds of £32.0m before tax
· Additional investment in LEBC Holdings Limited (“LEBC”)
· Follow-on funding to Nexus Underwriting Management Limited (“Nexus”)
· New investment post-period end in Mark Edward Partners LLC (“MEP”)
Brian Marsh, B.P. Marsh Chairman, commented, “This solid set of results demonstrates substantial growth in our Investment Portfolio in line with our strategy to deliver value to shareholders.”