Strong performances from suit maker Hugo Boss and German media group ProSiebenSat saw the value of listed private equity investor SVG jump 23% to 480p a share in the first six months of the year.
“We have invested in high-quality companies with good management,” said chief executive Lynn Fordham. “We are confident that they will continue to deliver good growth. At the same time, we are making commitments to invest alongside new private equity funds.”
SVG also revealed that it has written up the value of its 27% holding in retailer New Look which two years ago it wrote down to zero. Today it has revalued the stake at £10 million.
Fordham said: “Despite the tough economic environment and pretty extreme weather conditions, New Look’s earnings improved strongly last year mainly through cost-cutting and better margins thanks to fewer sales markdowns.”
The firm returned £101 million through share buybacks in the first half and is well on target to meet its promise to return a total of £470 million within the next three years.