Electra Private Equity's net asset value rose in the first half, driven by high levels of new investments and portfolio realisations.
In the six months to end of March, Electra's diluted net asset value per share was 2,684p compared to 2,473p in the half-year to September, an increase of 9.0% against a FTSE All-Share rise of 15%.
The company's share price increased by 34% over the period to 2,365p.
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Based on indices prepared by Morningstar UK, Electra's share price has increased by 394% over the 10 years to the end of the period, while the FTSE All-Share Index increased by 175%, on a total return basis.
During the period, Electra's portfolio produced a total return of £161m, an increase of 19%, boosted by an uplift in the valuation of Allflex Holdings.
"Electra had a good six months to March 31st 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," said Chairman, Colette Bowe.
"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."
Electra invested a record amount in a six month period of £204m, compared to £92m for the same period a year ago. The investments were principally in bank related assets where the purchase price was at a discount to the valuation of the underlying assets.
Realisations in the period totalled £112m, down from £268m a year earlier.
Electra had £189m of liquid resources net of bank borrowings of £163m, which had reduced to £111m by May 23rd, as a result of new investments in AXIO Data Group and the EP I Secondary Portfolio.
Following completion of the Allflex Holdings realisation, Electra's liquid resources will increase by the receipt of $398m.
"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," Bowe added.
"It is encouraging that Electra has adequate liquid resources as the conversion rate of new opportunities to completed investments increases."
RD
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