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.


Shares in Capital Drilling fell heavily after quarterly results came in below market expectations and the company said this would impact full year results.

The developing markets drilling firm blamed budget constraints being faced by many of its clients, 70% of which are large blue chip mining "majors".

This hit both revenues and margins in the three months to the end of September.

The company was also impacted by temporary industrial action in Egypt, as well as a weaker than expected performance in Tanzania, two key countries in which Capital Drilling generates around 40% of its total revenues.

Capital said as a result of the impacts during the third quarter, full year revenues were expected to come in just below consensus forecasts for 2012.

It also warned of lower than consensus full year margin performance and a consequent impact on profit.

Chief Executive Geoff Fardell said whilst net margins were lower in the last quarter than consensus forecasts, the company had initiated cost reduction and efficiency programs to improve margins.

"We continue to monitor market conditions and at the same time we are seeing tender opportunities, and are confident that these new opportunities and the delivery of cost efficiencies, which began in the third quarter, will flow through in future periods," he said.

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