Preliminary Announcement for the Full Year ended 30 September 2017

07 December 2017


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Highlights for the year to 30 September 2017

  • Strong performance during a year of change: Total shareholder return of 21% for the year, compared with 14% for the FTSE 250
  • NAV per share of 1,981p, (of which cash 1,134p), a total return of 9% for the year
  • £1.5 billion of cash returned to shareholders in the year
  • The Board announced the outcome of the first phase (“Phase I”) of its strategic review on 14 October 2016
  • Management functions brought in house from the former third-party provider and the required resources are in place to pursue the defined strategy
  • Recurring annual management expenses reduced from approximately £33 million to approximately £5 million

Subsequent to 30 September 2017

  • A third Special Dividend of £350 million (914p per share) paid on 1 December, bringing the total cash returned to shareholders to £1.9 billion since dividends resumed
  • The Board announced the outcome of the second phase (“Phase II”) of its strategic review on 23 October 
    • Focus on optimisation of return on shareholders capital
    • Market conditions not considered to support new investment currently 
    • Further simplification of group structure being implemented
    • Exploring possibility of a change in listing category
  • Continuing disposal of non-core assets, leaving a portfolio of strategic corporate assets
  • Edward Bramson to step back into Non-Executive role from the AGM in March
  • The duties of the Chief Executive to be split between the Chairman and the Chief Financial Officer

Commenting, Neil Johnson, Chairman of Electra Private Equity PLC, said:
“I am pleased to report on a year that has seen the Company take great strides in defining and implementing its future strategy whilst continuing to deliver excellent financial returns for our shareholders.

The transition from our former external manager is complete and we now have operating and governance structures in place that give the executive team the ability to manage the delivery of our strategy, with full accountability to the Board.

Following the second phase of our strategic review, we have been able to add more clarity around the future capital deployment and corporate structure of the Company focused on optimising investment returns. We will make continued progress in the coming year and look forward with confidence to working with the management teams of our portfolio companies to deliver continued shareholder value.

On behalf of the Board, I would like to thank Edward Bramson for his commitment and dedication during his tenure as interim CEO and look forward to continuing to work with him in his Non-Executive role from March.” 

For further information: 

Gavin Manson, Chief Financial Officer, Electra Private Equity PLC - 020 3874 8300
Rowan Brown or Miranda Ward, Brunswick Group - 020 7404 5959

Press enquiries

Brunswick Group LLP
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t +44 20 7404 5959

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