Electra Private Equity posts strong first-half returns

Electra Private Equity looked to be sitting on solid foundations on Wednesday, as it claimed strong returns in its first half.

The FTSE 250 company reported a net asset value per share of 4,405p - a total return of 15% in a period where the FTSE All-Share has returned 4%.

Total net asset value per share return for the 12 months to 31 March was 28%, and investment return was £299m - or 18% on the opening portfolio for the six months.

"Electra has produced another set of strong results, with a NAV per share total return of 15% over the six-month period driven by excellent progress in the investment portfolio and supported by a high level of realisations,” said chairwoman Dame Kate Barker.

"We are pleased to be announcing an interim dividend of 44p per share, an increase of 16% on the corresponding period last year, and in line with Electra's policy of returning to shareholders a targeted 3% of NAV per annum."

Electra’s managing partner Alex Fortescue said the company successfully deployed £158m of capital in growth assets during the period, as well as in lower-risk, cash yielding assets to support its distribution policy.

"Three of Electra's assets, namely Parkdean Resorts, The Original Bowling Company and Elian, have completed transformational M&A transactions which have enhanced their strategic value and growth prospects,” Fortescue explained.

"Electra's portfolio offers considerable potential as the growth strategies we have in place at each portfolio company continue to take effect."