Results round-up

SVG Capital posted its results for the six months to 31 July on Friday, with a net asset value per share of 735p at period end - a 12% increase in the six months.

The FTSE 250 firm reported a significant uplift from currency in the period, with the NAV seeing a 6% increase at constant currencies.

Over 12 months, SVG’s NAV had risen 21%.

The board reported its investment portfolio saw total return of 13% over the six months, with its core investment portfolio - 50% of the net investment portfolio - continuing to perform well with 13% total return as well.

Structured products, which represent 28% of the net investment portfolio, also saw 13% total return over the period, while other investments - 5% of the net investment portfolio - posted a 10% total return.

“The latest strong performance builds on the double digit annual growth of the past six years,” said SVG Capital CEO Lynn Fordham.

“The company benefits from a portfolio of investments with strong aggregate revenue and earnings growth, and an experienced and capable investment team.”

Fordham said the board was continuing to maintain a strong balance sheet and good coverage of its uncalled commitments.

“This has enabled us to take advantage of compelling investment opportunities as they have arisen and we have now made nine significant fund investments with eight leading managers since our strategic review of the business.

“The board believes that the unsolicited final offer from HarbourVest BidCo undervalues the company and its assets,” Fordham explained.

She said the board was continuing to be focused on delivering maximum value to its shareholders.

“The company has received approaches from a number of credible parties, which the Bbard believes may lead to an offer competing with HarbourVest and could deliver SVG Capital shareholders superior value than HarbourVest Bidco's final offer.”

Market research agency BrainJuicer Group returned to double-digit growth in the first half of the year, after years of “pedestrian progress”, helped by the fall in the value of the pound.

For the six months ended 30 June, revenue grew 12% to £13.04m, or 8% in constant currency, when compared to the same period last year, and gross profit rose by 15% to £10.68m, or 11% in constant currency.

Normalised profit before tax grew 22% to £2m and reported profit before tax increased by 45% to £1.65m.

Cash at period-end rose 18% to £5.18m, compared to December 2015, and the company reported it had no debt even after having returned £2.21m to shareholders by way of dividends and share buy-backs.

Gross profit from the ad testing and brand tracking services, which represented 36% of the business over the past six months, increased by 59%. Over the last five years, growth in these services rose 38% in annual compound rates.

Profits at the gross level for the predictive markets product, which represents 32% of the business, fell 4% due to pricing pressure, which prompted the company to develop an express version of the product.

Gross profit in the US business grew 27%, or 17% at constant currencies, and is now the company’s largest market making up 41% total gross profit.

In the UK, its second largest market, gross profit fell by 2% due to sharp declines at two large clients. Excluding the two clients, UK gross profit increased 22%.