Investor BP Marsh sees asset value jump
SPECIALIST venture capital fund BP Marsh yesterday announced the value of its net assets has edged over £50m, alongside a 40 per cent rise in year-end post-tax profits to £3.6m.
Highlights include selling part of its stake in insurer Hyperion for £4.5m.
But analysts point out that the firm, which invests in financial services, has seen the value of its investments rise out of line with its share price.
“BP Marsh is currently trading at a 48 per cent discount to its 31 January net asset value of 171p a share, which we view as wrong, particularly given that its remaining Hyperion stake is valued at more than the entire market cap of BP Marsh,” said Barrie Cornes of Panmure Gordon.
Chairman Brian Marsh provided a restrained outlook for the year ahead, saying: “The group’s investment strategy remains unchanged; to take minority positions in profitable businesses with strong management teams and good growth potential.
Shares in BP Marsh closed yesterday up 2.3 per cent at 91p.
The firm has decided to declare a dividend of 1p.