Electra Private Equity : Announcement of Unaudited Results for the Half Year ended 31 March 2016

Highlights for six months to 31 March 2016

• Continued strong performance: NAV per share of 4,405p, a total return of 15% in a period where the FTSE All-Share has returned 4%
• Total NAV per share return for the twelve months to 31 March 2016 of 28%
• Investment return of £299 million, or 18% on the opening portfolio for the six months
• Investment return of £517 million or 35% of the opening portfolio for the twelve months to 31 March 2016
• Portfolio company profit growth and cash generation have driven performance as Electra Partners' proven active ownership model has accelerated their development
• Particularly strong performance from Parkdean Resorts, AXIO Data Group, Elian and The Original Bowling Company
• Realisations of £384 million (24% of opening investment portfolio) showing that performance is being captured in cash returns
• £203 million invested or committed; investment rate in line with plan
• Implementing plans to develop a portion of the portfolio with a predictable cash yield: Debt portfolio now £59 million
• £185 million of net liquid resources which in conjunction with the multi-currency credit facility leaves substantial scope for further investment
• Strong pipeline of opportunities across Buyouts and Co-investments, Secondaries and Debt
• Successful completion of Electra Partners' long-term succession plan
• Interim dividend of 44p per share, an increase of 16% on the prior year and in line with the distribution policy
• NAV per share total return of 228% over ten years, equivalent to a ten-year annualised return of 13% which is in the upper part of the long-term target of 10-15%
• Share price total return of 182% over ten years
• Review of strategy initiated including portfolio performance reporting

Dame Kate Barker, Chairman of Electra Private Equity, said:

'Electra has produced another set of strong results, with a NAV per share total return of 15% over the six-month period driven by excellent progress in the investment portfolio and supported by a high level of realisations.

'We are pleased to be announcing an interim dividend of 44p per share, an increase of 16% on the corresponding period last year, and in line with Electra's policy of returning to shareholders a targeted 3% of NAV per annum.'

Alex Fortescue, Managing Partner of Electra Partners, said:

'We have successfully deployed £158 million of capital in growth assets as well as in lower-risk, cash-yielding assets that support Electra's distribution policy.

'The total investment return of £299 million, or 18% on the opening portfolio, once again reflects our success in buying attractive assets well and then driving performance with operational heavy-lifting and M&A strategies.

'Three of Electra's assets, namely Parkdean Resorts, The Original Bowling Company and Elian, have completed transformational M&A transactions which have enhanced their strategic value and growth prospects.

'Electra's portfolio offers considerable potential as the growth strategies we have in place at each portfolio company continue to take effect.'