BP Marsh upbeat on first-half performance

23rd Oct 2024 09:38

(Sharecast News) - BP Marsh reported a strong first-half performance on Wednesday, achieving a total shareholder return of 12.1% for the six months ended 31 July, driven by growth in net asset value and dividends paid in March, May and July.

The AIM-traded company said its net asset value increased by £23.7m during the period, reaching £252.9m, a 10.3% rise from £229.2m as of 31 January.

On a per-share basis, net asset value grew 9.8%, increasing to 690.8p from 629.0p in January.

Compared to the same period last year, net asset value per share had risen significantly from 567.3p.

BP Marsh reported a consolidated profit before tax of £29m for the period, nearly doubling the £15.6m recorded in the same period in 2023.

The group said its liquidity stood at £80.2m as of 31 July, with the current liquidity slightly lower at £78.4m, reflecting its continued financial health.

In addition to the results, the company said it had made two new investments since the period ended, both in underwriting agencies - CEE Specialty and Volt UW.

The board said the strategic investments further expanded BP Marsh's portfolio in the financial services sector.

"We are pleased to report another strong set of results, delivering growth in portfolio value, investment realisations and shareholder returns," said chairman Brian Marsh.

"The completion of the disposal of Paladin during the period showcases the success of BP Marsh's investment model, our ability to identify opportunities and to back successful management teams."

Marsh said the company remained committed to maintaining that momentum, leveraging its expertise to drive further sustainable growth through 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."

At 1037 BST, shares in BP Marsh & Partners were down 0.26% at 566p.

Reporting by Josh White for Sharecast.com.