B.P. Marsh & Partners, the AIM-quoted venture capital investor in early-stage financial services businesses, reported a solid performance for the six months to 31 July 2025, supported by new investments, disposals and shareholder distributions.
The group completed the disposal of Sterling Insurance during the period and added five businesses to its portfolio: iO Finance Partners, Amiga Specialty, Cameron Specialty, Gambit Risk Finance and XPT Producer Acquisition Co. Funds stood at £52.6mn at the end of July, with management citing a “robust pipeline” of further opportunities.
Shareholders received a special dividend of £3mn linked to deferred consideration from the 2024 sale of Paladin, alongside a final dividend of £2.5mn. Total cash returned so far in the current financial year amounts to £8mn. The board said it intended to maintain a minimum annual dividend of £5mn for the financial years to January 2027 and 2028, with flexibility to adjust payouts depending on realisations or commitments. Since its flotation, the group has distributed £34.7mn in dividends.
The company also advanced its £2mn share buyback programme, purchasing 145,000 shares for £1.02mn at an average price of 703p. Shareholders approved an authority to repurchase up to 10 per cent of share capital, with safeguards in place for the Brian Marsh Concert Party’s holding.
Institutional interest was evident in a series of secondary placings. In May, 1.9mn shares were sold at 630p, raising £12.2mn, followed by a further 1.8mn shares acquired by Wellington Management. In August, Ardonagh sold its remaining 3.6mn shares at 650p through an accelerated bookbuild, with B.P. Marsh itself acquiring 769,231 shares for £5mn after the period end. Wellington increased its stake to 9.2 per cent.
The reshaping of the register and exit of Ardonagh were described by the company as a reinforcement of confidence in its long-term growth strategy.
In the short interview below, the team outline how the firm has consistently outpeformed the market