Business
Trading Update February 2020
Trading Update February 2020.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \nRNS Number : 9643B B.P. Marsh & Partners PLC 05 February 2020 \n\n5 February 2020\n \nB.P. Marsh & Partners Plc\n(\"B.P. Marsh\", the \"Company\" or the \"Group\")\n \nTrading Update \n \nB.P. Marsh, the specialist investor in early stage financial services businesses, is pleased to provide the following unaudited trading update for the Group's year ended 31 January 2020.\n \nHighlights\n \n· The completion of two new investments; Agri Services Company PTY Limited in Sydney and Lilley Plummer Risks Limited in London\n· £2m follow-on funding to Nexus Underwriting Management Limited, as part of its wider £16m fundraising exercise\n· Loan Facility of US$2m to XPT Group LLC, based in New York City, which also completed a successful US$40m refinancing exercise with Madison Capital Funding LLC\n· The Group secured access to a £3m loan facility with attractive terms\n· As at 31 January 2020, cash of £0.8m and available cash of £3.8m\n· The Company continues to maintain a diverse portfolio of investments, by sector, geography and currency, with 57% of the investment portfolio's revenue originating from overseas\n \nNet Asset Value\n \nThe latest published Net Asset Value (\"NAV\") was £130m, or 360.9p per share, as at 31 July 2019, which represented a 3% increase, or a 4.3% increase including the dividend paid in July 2019, for the six months ended on that date. From its inception in 1990 until 31 July 2019 the Group has maintained an average annual compound increase in NAV of 11.7%. The Group is expected to report a positive performance for the financial year ended 31 January 2020.\n \nThe Company's Annual Results for the full year to 31 January 2020 and an updated NAV will be announced on Tuesday 9 June 2020.\n \nB.P. Marsh remains focussed on taking actions to reduce the differential between NAV per share and the current share price. \n \nIn the year ended 31 January 2020, as a sign of confidence in the Company, nine Directors and Senior Management of the Group purchased a net c.145,000 shares in the Company at market price. Chairman of the Group, Brian Marsh, gifted c.2% of his direct shareholding to the Marsh Christian Tru...