Venture capital firm B. P. Marsh & Partners said its net asset value (NAV) was up in the first half and it was 'calm and positive' looking to the second half of the year.

NAV during the six months to the end of July was up 3.8% to £52.0m, and up 7.3% on the same month in 2011.

The company, which makes minority investments in financial services businesses, reported profit after tax in the first half of £2.2m, up slightly from £2m the year before.

It had £3.3m cash at the end of the period plus a further £4.33m loan facility available.

Chairman Brian Marsh said despite some encouraging recent signs in the UK and US economies, the global outlook remained extremely uncertain and the group would maintain "a measured course".

"However, the inflow of potential new opportunities to the group remains interesting and two current proposals, in financial services and insurance broking, with geographic focus in the UK and Northern Europe, are being investigated," he said.

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