BP Marsh grows assets 4% in six months
BP Marsh posted a 4% increase in the value of the assets its owners for the six-month period ended 31 July, helped by strong growth at Hyperion.
The venture capitalist, which takes stakes in insurance companies, had a net asset value increase of 4.3% to to £48.5m from £46.5m at 31 January 2011. There was a NAV year-on-year increase of 8.1% from £44.9m at 31 July 2010.
BP Marsh has stakes in Hyperion, Besso and Oxford Insurance Brokers.
A company statement said: “During the period we have successfully increased NAV by 4%, which the board considers to be a solid achievement in light of the continued climate of economic fragility, whilst our share price has performed consistently against the benchmark indices over the period.
“This NAV uplift is predominantly due to the continued strong growth in revenues and EBITDA at Hyperion, together with a solid performance from our other investments.
“The board remains committed to its previously stated aim of reducing the discount to NAV. We are maintaining our corporate visibility in the market with increased newsflow and the release of our trading update in August demonstrates that this approach has a positive effect on share price.
“The group also reconsidered its advisory appointments over the period and appointed Panmure Gordon as corporate broker and nominated adviser with effect from 12 September 2011.
“The board recognises the challenges faced by small and mid-cap companies retaining a listing on AIM and our group is no exception to this.
“Whilst the junior market has shown some signs of resurgence in recent months, the directors are of the view that economic conditions will continue to be difficult. Nevertheless, we are confident in the strength of our underlying portfolio.”
No comments yet