B.P Marsh boosts dividend nearly 14 per cent after strong sales
Niche venture capital provider B.P Marsh has increased its dividend 13.9 per cent to 2.78p per share, following encouraging full-year results powered by lucrative sales.
B.P Marsh achieved multiple disposals, including the sale of its stakes in MB Prestige Holdings in Australia (undisclosed), Mark Edward Partners in the US (£1.1m), and Walsingham Motor Insurance in UK (£5m), above previous valuations.
It is also in the final stage of the proposed sale of the group”s majority stake in Summa Insurance Brokerage in Spain.
Following the offloads, B.P Marsh has increased its net asset value to £155m, producing a four percent return to shareholders in its latest six month period.
Its group cash has also increased by £8.6m, an £8.5m boost on its interim results.
Commenting on current market conditions, chairman Brian Marsh said: “We continue to keep a close eye on developments regarding Covid-19 but we are encouraged by the recent relaxation of restrictions in the UK and the fact that business appears to be ‘returning to normal’. In line with this, the company is beginning to return to the office on a more regular basis, adopting a hybrid approach where appropriate.”