13th Aug 2015 13:37
LONDON (Alliance News) - Princess Private Equity Holding Ltd Thursday reported a rise in net asset value in the first half of 2015 which it said was due to strong performances from its direct portfolio of companies.
The company said its net asset value increased by 9.7% in the first six months of the year to EUR9.14 per share, adjusted for its interim dividend of EUR0.27 per share, boosted by strong revenue and earnings before interest, tax, depreciation and amortisation and positive valuation developments in Partners Group.
Its NAV was also boosted by its direct investments in Universal Services of America, VAT Vakuumventile AG, MultiPlan, Action and Hofmann Menue Manufaktur.
Princess said that new investment activity in the period amounted to EUR35.5 million with the investment level increasing to 92.2% of NAV, up from 85.9% at the start of the year.
Distribution activity continued to be healthy, achieving overall distribution proceeds of EUR40.9 million, compared with EUR32 million in the same period the year before, Princess added.
"After a successful 2014, Princess continued to develop positively over the first half of 2015, mainly due to the successful implementation of operational and strategic initiatives of its direct portfolio companies. The repositioning of the portfolio on direct investments continues to bear fruit and we remain positive on the outlook for the company for the remainder of the year," Chairman Brian Human said in a statement.
"In particular, the board was pleased to note the successful exit of Princess' direct investment in Universal Services of America, the first material direct exit since the repositioning of the portfolio. It continues to be our intention to pay semi-annual dividends to our shareholders and we are confident that the company's high dividend yield and increasing allocation to direct investments provide a basis for attractive shareholder returns in the future," it added.
Shares in Princess were trading up 1.2% at 7.90 Thursday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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