Financial Highlights for the year to 30 September 2015
Diluted NAV per share of 3,914p equating to a total return of 25%
Final dividend of 78p per share announced, taking the total dividend for the year to 116p (based on the number of shares that will be in issue following the mandatory conversion of 5% Subordinated Convertible Bonds) or 3% of net asset value equivalent to a dividend yield of 3.6%
Diluted NAV per share total return of 244% over ten years equivalent to a ten-year annualised return of 13%, at the upper end of the long-term target of 10-15% per annum
Share price total return of 25% for the year and 210% over ten years
Investment portfolio of £1,630 million equivalent to 108% of net assets
£78 million of net liquid resources
Portfolio Highlights for the year to 30 September 2015
£188 million invested
£259 million realised
£429 million total portfolio return, 34% on the opening portfolio
Largest individual gains: AXIO Data Group (£112 million), The Original Bowling Company
(£53 million), Elian (£44 million), Nuaire (£34 million), Park Resorts (£31 million) and Audiotonix (£30 million)
Subsequent to 30 September 2015
Committed to invest a further £89 million in PhotoBox
Disposal by AXIO Data Group of MIMS, net proceeds to Electra of £95 million; disposal of Electra's interest in Zensar Technologies for £82 million
General Meeting to take place on 5 November 2015 to consider resolutions to appoint Edward Bramson and Ian Brindle to the Board of Electra. The Board of Directors unanimously recommends that all shareholders VOTE AGAINST BOTH resolutions
Commenting on the results, Roger Yates, Chairman of Electra Private Equity, said:
"Electra's performance continues to be extremely strong, with net asset value increasing by over £470 million in the two years to 30 September 2015, driven by excellent performance in the investment portfolio and impressive uplifts from realisations.
"We are also pleased to be announcing a final dividend for the year, taking total dividends announced in the year to 116p per share.
"The Board believes that Electra's investment approach has served shareholders extremely well over the years, producing consistent returns in the targeted range of 10-15%. The current portfolio is already delivering further strong growth, driven by our unique model, and we are very excited by the opportunities that lie ahead."
Commenting on Electra's position, Hugh Mumford, Managing Partner of Electra Partners, said:
"This has been another year of strong performance with a total NAV return of 25%, and a 10-year annualised net return on equity of 13%.
"We have continued to be busy with new investment, investing £188 million of Electra's capital as well as a further £125 million of portfolio companies' capital in ten bolt-on acquisitions.
"Investment performance again reflects our approach of buying attractive assets well and then accelerating their development by applying our proven active ownership model.
"Electra's portfolio offers considerable potential as the growth strategies we have in place at each portfolio company continue to take effect."
