Electra Private Equity’s NAV per share is up 6.9% to 2,193p (diluted) as a result of solid trading performance in the portfolio, according to the firm’s latest unaudited half-year results.
NAV per share is up 15.4% over the year, while NAV per share (diluted) plus special dividends is up 57.7% over five years. Annualised return on equity of 9.7% (diluted) for the five years.
The firm’s share price is up 21.6% against 7.0% for the FTSE All-Share Index.
Outperformance over 10 years: NAV up 128.0% (diluted) and share price up 83.3% against 13.1% for FTSE All-Share
The firm successfully completed a GBP100 million Convertible Bond issue in December 2010, and now has net liquid resources of GBP137 million (GBP28 million cash, GBP275 million liquidity funds and bank borrowings of GBP166 million)
Colette Bowe (pictured), Chairman of Electra Private Equity, says: “Electra’s portfolio has shown considerable resilience during the downturn. Electra Partners has extensive experience of investing through a number of economic cycles and as the UK economy starts to recover, the Board believes these attributes, together with our increased investment capacity, will enable Electra to benefit from new investment opportunities and continue to achieve attractive returns for shareholders.”
Hugh Mumford, Managing Partner of Electra Partners, adds: “The current portfolio is performing well. We believe the period ahead will present Electra with excellent investment opportunities in view of issues faced by many UK businesses in raising capital in the current economic climate. Our increased investment resources have already been put to good use and with some £300 million available to invest, we have the capacity to take advantage of opportunities as they arise.”