B.P. MARSH & PARTNERS PLC (Alliance News) - BP Marsh & Partners PLC on Tuesday announced a new share buyback programme as it reported a surge in net asset value.
The private equity investor in early stage financial services businesses said diluted NAV per share surged 21% to 626.9 pence each on January 31 from 516.8p a year ago.
Total shareholder return improved to 22% from around 14%.
Further, it said pretax profit jumped 58% to GBP43.6 million in the financial year ended January 31 from GBP27.6 million a year ago.
BP Marsh said it paid total dividends of 5.56p per share during financial 2024, doubled from 2.78p a year ago. Since the year-end, BP Marsh has paid a further 10.72p per share in dividends. It proposed a final dividend for financial 2024 of 5.36p per share, to be paid on July 26.
The company also on Tuesday announced a new share buyback programme worth up to GBP1 million, the same as it completed during financial 2024.
Looking ahead, Chair Brian Marsh said: "Looking across our portfolio and the new opportunities we see, I am confident that BP Marsh remains the partner of choice for exciting start-up insurance intermediaries, which will drive further growth in the future."
He added: "The group has an exciting pipeline of new business it is exploring, both domestically in the UK and internationally. Bolstered by its strong cash balance, the group can and will invest in high quality opportunities that it sees, but will continue its rigorous selective approach that has served it so well over the past three decades. A balanced approach is being taken between carefully considering new opportunities and utilising its cash balance."
BP Marsh shares were up 5.0% to 498.80 pence each late Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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