B.P. Marsh & Partners Plc (AIM: BPM), the specialist private equity investor in early stage financial services businesses, announces its audited Group Final Results for the year ended 31 January 2024.

Highlights:

• Consolidated profit before tax of £43.6m (31 January 2023: £27.6m)
• Total Shareholder return of £41.7m (22.0%) for the year, comprising growth in Net Asset Value and the dividends paid in February 2023, July 2023 and November 2023
• Net Asset Value has increased by £39.7m to £229.2m (31 January 2023: £189.5m), a 20.9% increase
• Net Asset Value per share increased by 102.8p to 629.0p* (31 January 2023: 526.2p)
• Disposal of Kentro Capital Limited and receipt of £51.5m in proceeds
• Disposal of Paladin Holdings Limited / CBC UK Limited agreed for £42.1m upfront consideration, with post-year end completion
• Three new equity investments were made during the year
• Three further equity investments, including one new investment, made post-year end
• Equity portfolio valuation increase of 35.9% (2023: 19.1%)
• £2.0m in dividends paid in aggregate in year to 31 January 2024 (5.56p/share)
• Since year end, further dividends totaling £4.0m (10.72p /share) paid or declared

Commenting on the results, Brian Marsh OBE, Chairman, said:

“From inception over 30 years ago our investment philosophy has been consistent and continues to deliver strong returns. This latest increase in NAV is testament to our strategy, enabling the Company to continue to invest in high quality management teams as well as rewarding shareholders.

“Looking across our portfolio and the new opportunities we see, I am confident that B.P. Marsh remains the partner of choice for exciting start-up insurance intermediaries, which will drive further growth in the future.”

*The fully diluted Net Asset Value per share is 626.9p and includes the full 1,443,147 shares within the Employee Benefit Trust, but also includes £4.1m of loan repayable if the shares, including 236,259 currently unallocated, are sold. The diluted NAV per share also excludes the 1,682,500 options over ordinary shares granted to certain Directors and employees of the group in November 2023 as the performance criteria for NAV growth has not yet been met. (31 January 2023: 516.8p).

News in full

In the short interview below, the team outline how the firm has consistently outpeformed the market