Business
Half Yearly Report
Half Yearly Report.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n RNS Number : 1302V B.P. Marsh & Partners PLC 28 October 2010 \n \n\nB.P. Marsh & Partners Plc\n(\"B. P. Marsh\", \"the Company\" or \"the Group\")\n \nInterim Results\n \nB. P. Marsh & Partners Plc (AIM: BPM), a niche venture capital provider to early stage financial services businesses, announces its unaudited Group results for the six months ended 31 July 2010.\n \nChairman's Statement\n \nIntroduction\n \nI am pleased to present the interim results for B.P. Marsh & Partners Plc (\"B.P. Marsh\" or the \"Group\") and its consolidated statements for the six-month period ended 31 July 2010 (the \"Period\").\n \nIt has been another good six months for our Group, despite the continued turbulence of the global economy. \n \nHighlights\n \nDuring the first six months of the year the Company's Net Asset Value grew to £44.9m at 31 July 2010, from £44.2m at 31 January 2010, an increase of 1.6% and 2.3% before dividends. At 31 July 2009 our Net Asset Value stood at £42.7m, so we have achieved an increase of £2.2m, or 5%, or £2.5m and 5.9% before dividends, over the past 12 months.\n \nAt 31 July 2010 the Group's unaudited accounts showed a consolidated profit before tax of £1.384m, a satisfactory turnaround from a loss before tax of £1.76m for the six months to 31 July 2009 and profit before tax of £0.06m for the year to 31 January 2010. \n \nThe NAV per share at the period end was 153p, an increase of 7p, or 5%, from 146p at 31 July 2009, so the shares were trading at a discount of 45% to NAV to the closing price of 84.5p on 27 October 2010. \n \nDuring the period we completed a new investment in US Risk (UK) Ltd, the holding company for Oxford Insurance Brokers Ltd, a Lloyd's insurance and reinsurance broker. \n \nHaving paid a maiden dividend on 30 July 2010, of 1p per share for the previous full year, it remains the Board's ambition to continue dividend payments in the future. \n \nNew investment - US Risk (UK) Ltd\n \nWe completed an investment in US Risk (UK) Ltd (\"US Risk\"), the parent company of Oxford Insurance Brokers, a London-based Lloyd's insurance and reinsurance broker, on 22 July 2010. We acquired a 30% stake in US Risk for a cash consideration of £1.39m together with an agreement to provide additional funding of up to £1.95m,...