UK PRIVATE equity firm Electra has seen a 15 per cent rise in its diluted net asset value per share over the year ended 30 September, the company reported in its audited results yesterday.
Numis analyst Ewan Lovett-Turner said: “These are strong results, with healthy valuation gains across most of the portfolio, albeit mostly coming from unrealised valuation gains. In particular, a number of recent investments [notably Axio Data and the caravan parks] have delivered strong gains.”
Lovett-Turner, however, warned that a big uncertainty that remained over Electra was the 20 per cent stake owned by Sherborne Investors, the investment vehicle of activist Edward Bramson. Electra had to fight off a string of proposals from Bramson over the course of the year.
Electra chairman Roger Yates said: “Electra has had an excellent year, with another record level of new investment and strong performance from its investment portfolio. The performance from some of the recent investments in the portfolio is extremely encouraging and perfectly demonstrates the investment selection and value creation skills of Electra Partners.”
The investment firm’s share price rose 3.5 per cent in trading yesterday.