B.P. Marsh & Partners AIM:BPM
- Founded
- 1990 · London, England
- Incorporated
- United Kingdom
- Chief executive
- Daniel Topping
- Employees
- 18
- Reports in
- GBP
- Companies House
- 05674962
Specialist investor providing early-stage capital to insurance intermediaries, including brokers, managing general agents and underwriting agencies, typically taking minority equity stakes alongside management. Generates returns through dividends, fee income and periodic realisations of portfolio companies.
Read straight from the annual reports
648p at close on 2 Oct 2026 · 21 reported years, 2006–2026
| Line | FY200601/06 | FY200701/07 | FY200801/08 | FY200901/09 | FY201001/10 | FY201101/11 | FY201201/12 | FY201301/13 | FY201401/14 | FY201501/15 | FY201601/16 | FY201701/17 | FY201801/18 | FY201901/19 | FY202001/20 | FY202101/21 | FY202201/22 | FY202301/23 | FY202401/24 | FY202501/25 | FY202601/26 | FY2027unreported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||
| Operating profit | later 6.3 | vs 4.6 | ||||||||||||||||||||
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Net finance cost | later (0.02) | |||||||||||||||||||||
| Profit before tax | later 6.1 | |||||||||||||||||||||
| Adjusted profit before tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||
| Tax charge | later 1.6 | |||||||||||||||||||||
| Profit for the year | later 4.5 | later 12.4 | ||||||||||||||||||||
| EBITDA | ||||||||||||||||||||||
| Adjusted minus statutory PBT | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||
| Basic EPS | — | |||||||||||||||||||||
| Diluted EPS | — | |||||||||||||||||||||
| Dividend per share | — | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
2 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Aggregate gross written insurance premium generated across the portfolio (>£2.3bn budgeted for 2026), split c.64% brokers (£1.52bn) / 36% MGAs (£857m)
Portfolio companies collectively generate in excess of £2.3bn of aggregate insurance premium globally; Brokers £1.52bn, MGA £857m
page 5Fee and commission-based income model of portfolio companies
The fee and commission-based revenue of brokers and underwriting agencies provides a degree of insulation from rating pressures
page 20Fee/commission-based revenue of portfolio companies
The fee and commission-based nature of many portfolio companies continues to provide resilience against wider rating pressure across the insurance market
page 20Softening commercial insurance pricing cycle
Marsh McLennan's Global Insurance Market Index reported rate declines of 4% in Q4 2025 and 5% in Q1 2026, the seventh consecutive quarter of reductions
page 20£1.4m charge: Discretionary transaction-related bonuses to executive directors linked to the SSRU disposal
page 51The Group entered the new financial year with a strong liquidity position, a healthy pipeline of opportunities and significant momentum across the portfolio... exceptionally well positioned to continue its development and deliver further long-term value growth for shareholders
page 7March 2026: disposal of Amiga Specialty Holdings to Sodalis Capital for £706,250 cash plus full £1.8m loan repayment; Group retained 25.5% interest in enlarged Sodalis with deferred consideration contingent on Amiga's 2027/2028 EBITDA
page 114Group aims to deliver shareholder value through NAV growth and sustainable dividends while maintaining sufficient capital for investment. Paid total dividends of £8.0m in FY2026 (2025: £4.0m); intends to pay £13.0m for FY2027 and a minimum of £7.0m for FY2028 (including special dividends linked to deferred consideration from the Paladin and SSRU disposals), aggregating £28.0m across FY2026-2028. Final dividend of 6.78p per share proposed for FY2026, payable 31 July 2026
page 7Directors adopted the going concern basis, having reviewed forecasts and cash flow projections to 31 January 2028 and concluded the Group has adequate resources for the foreseeable future. RSM UK Audit LLP (Richard Coates, Senior Statutory Auditor) issued an unqualified audit opinion on 26 May 2026, with one Key Audit Matter identified: valuation of unquoted equity investments (£274m, 76% of net assets). No key audit matters were identified for the Parent Company. Auditor concluded no material uncertainty related to going concern.
page 62- Price risk - unquoted investment valuations may differ from values ultimately realised on disposalp.35
- Credit risk - unquoted investments, cash balances/deposits, and loans advanced to investee companiesp.35
- Liquidity risk - timing and realisation of unquoted investments can be uncertainp.36
- Interest rate risk - through interest receivable on cash deposits, investee loans and preferred dividend arrangements linked to reference ratesp.36
Read from C000135-AR-2026-ch.
20 annual reports read, FY2007 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (20)
FY2027Next report expected 17 Jun 2027