15th Oct 2019 11:31
(Alliance News) - Financial services investment firm BP Marsh & Partners PLC said Tuesday its asset grew in the recent half-year, despite issues at investee LEBC Holdings Ltd.
Shares in BP Marsh were 8.4% higher at 272.00 pence in London on Tuesday.
For the six months ended July, net asset value per share rose 8.4% to 361 pence from 333p a year prior.
"BP Marsh has continued its long track record of delivering NAV growth from its diverse portfolio of investments, despite specific challenges," BP Marsh Chair Brian Marsh said.
During the period, BP Marsh said its 59% stake in LEBC Holdings Ltd was impacted by the withdrawal of the business from the defined benefit pensions markets.
Meanwhile, XPT Group LLC - in which BP Marsh holds a 35% stake - completed a fourth acquisition, and raised USD40 million to buy a fifth. 18%-owned Nexus Underwriting Management Ltd secured a further GBP16 million loan facility and bought two companies.
BP Marsh also opened a new 36% position in Ag Guard Ltd.
"As a leading specialist investor in global financial services intermediaries and with 50% of our investment portfolio revenues emanating from outside of the UK, the outlook for the rest of the financial year is positive", Brian Marsh added.
BP Marsh does not pay an interim dividend.
By Ahren Lester; [email protected]
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