Financial Highlights
Diluted NAV per share up 5% to 2,914p
Diluted NAV per share, including dividends, up 260% over ten years equivalent to a ten-year annualised return on equity of 14%, in line with the long-term target of 10-15% per annum
Return per share (diluted) of 150p for the six months
Share price up 17% against a 5% total return for the FTSE All-Share
Share price total return up 268% over ten years against 129% for the FTSE All-Share
£294 million of liquid resources net of bank borrowings
£116 million committed to invest in two transactions
Portfolio
Record level of investment for a six-month period, despite a competitive market
£250 million invested or committed - largest individual investments/commitments: Hotter Shoes, Ogier Fiduciary Services, Innovia Group
£152 million realised (inclusive of income)
£89 million total portfolio return, 9% on the existing portfolio for the six-month period
Largest individual gains: AXIO Data Group (£37 million) and Park Resorts (£10 million)
Board Changes
Roger Yates succeeded Dr Colette Bowe as Chairman on 11 March 2014
Subsequent to 31 March 2014
Further investment in Treetops Nurseries
Investment in Innovia Group completed
Commenting on the results, Roger Yates, Chairman of Electra Private Equity, said:
"Electra has started 2014 well with a record level of new investment and strong performance from its investment portfolio.
"Electra aims to produce a return on equity of 10-15% per annum over the long term, and over the past ten years has done just that with an annualised return of 14%.
"The keys to Electra's success remain the flexibility of its investment approach, its financial resources and the strength of the Manager, Electra Partners. It is well positioned to continue to deliver its objectives."
