22nd Oct 2013 09:35
LONDON (Alliance News) - BP Marsh & Partners Tuesday reported higher net asset value but lower net profit for the first half of its financial year, as the value of its equity portfolio rose but it booked lower net gains on its investments.
The venture capital provider to early stage financial services businesses reported net asset value of GBP56.9 million in the six months to end-July, up 5.3% in the period and a 9.3% increase from GBP52 million a year earlier. The figure excludes the GBP29.2 million in cash it received when it sold 80% of its stake in Hyperion Insurance Group July 8, a sale that was its largest transaction to date.
However, net profit fell to GBP1.4 million, from GBP2.2 million a year earlier as gains on investment declined to GBP1.4 million, from GBP2.2 million, following a revaluation.
The company's shares were down 5.8% at 138 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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