LONDON (ShareCast) - BP Marsh & Partners, a niche venture capital provider to early stage financial services businesses, has seen its net asset value excluding deferred tax rise 12.8% on last year.

The AIM listed firm said net asset value was £50.6m as at 31 July versus £44.9m last time, while net asset value including deferred tax was up 11.7% to £42.9m.

The consolidated profit on ordinary activities before share based provisions for the six months to 31 July fell to £2.9m from £3.5m in 2006.

Adjusting for unrealised gains on investment revaluations and carried interest provisions the consolidated profit on ordinary activities before share based provisions for the period was £268,000 versus £187,000 a year ago.

“The group remains unique in its investment sector and we continue to see a large number of relatively small enterprises with excellent management and spirited business plans,” said the group.

“These represent a challenge, which the BP Marsh team relishes.”

BP Marsh typically invests amounts of up to £2.5m and only takes minority equity positions, normally acquiring between 15% and 45% of a target company's total equity.

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