Electra Private Equity has reported a nine per cent increase in its diluted net asset value per share to 2,684p in the six month period ended 31 March 2013.
The firm’s diluted NAV per share, including dividends, is up 298 per cent over ten years resulting in a ten-year annualised ROE of 15 per cent.
Other financial highlights for the period include:
· Return per share (diluted) of 210p for six months
· Share price up 34 per cent against 15 per cent increase for FTSE All-Share
· Share price up 394 per cent over ten years against 175 per cent for FTSE All-Share
· GBP189m of liquid resources (net of bank borrowings) at 31 March 2013
· GBP111m of liquid resources (net of bank borrowings) at 23 May 2013
· USD398m (circa GBP257m) of proceeds expected on completion of Allflex Holdings sale
· Multicurrency facility of GBP195m extended to December 2017
Colette Bowe, chairman of Electra Private Equity, says: “Electra had a good six months to 31 March 2013 with high levels of new investment, portfolio realisations at excellent uplifts to carrying values, an increase in net asset value and a strong share price performance.
“The second half of the year has also started well with the announcement in May of the sale of Allflex Holdings, Electra’s largest investment.
“Although the UK economic outlook is still uncertain, Electra Partners has successfully invested through a number of economic cycles and is able to adapt to market conditions and structure deals creatively. It is encouraging that Electra has adequate liquid resources as the conversion rate of new opportunities to completed investments increases.”
Hugh Mumford, managing partner of Electra Partners, says: “Electra Partners continues to see an increase in the number of potential investment opportunities in a market where we believe patience and a disciplined approach to investment is likely to be well-rewarded.
“Electra’s portfolio has seen a high level of activity in the period, with a record level of investments and some major disposals at significant uplifts. The portfolio remains well positioned to make further progress.”
