23rd Oct 2024 11:48
(Alliance News) - BP Marsh & Partners PLC on Wednesday said profit surged nearly 90% higher in the first half of its 2025 financial year, despite broader challenges in the economic climate.
The London-based venture capital provider to early-stage financial services businesses said pretax profit for the six months that ended July 31 was GBP29.0 million, surging 86% higher than GBP15.6 million last year.
Net asset value per share on July 31 was 690.9 pence, rising 9.8% from 629.0p on January 31 and increasing by 22% from 567.3p on July 31, 2023. Net asset value was GBP252.9 million, up 10% from GBP229.2 million on January 31 and up 24% from GBP203.5 million on July 31, 2023.
BP Marsh & Partners delivered a shareholder return of 12.1% for the six-month period.
The company said it remains "fully cognisant" of ongoing challenges in the broader economic climate, as "while there are positive indicators, such as inflation stabilising and interest rates potentially nearing their peak, these challenges are not yet fully resolved". However, it said that "due to the group's debt-free status and its dual investment strategy, which includes both equity and loan funding benchmarked against the base rate, we have successfully mitigated the negative impact of rising interest rates".
Since the end of the six-month period, the company has appointed Francesca Chappell as chief financial officer in September, replacing Jonathan Newman.
Chair Brian Marsh said: "We are pleased to report another strong set of results, delivering growth in portfolio value, investment realisations and shareholder returns. The completion of the disposal of Paladin during the period showcases the success of BP Marsh's investment model, our ability to identify opportunities and to back successful management teams. We remain committed to maintaining this momentum, leveraging our expertise to drive further sustainable growth via new investment opportunities and follow-on funding."
Shares in BP Marsh & Partners were up 0.8% at 572.20 pence each in London on Wednesday morning.
By Emily Parsons, Alliance News reporter
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