Financial services company Somers Ltd made a 2023 net loss of £32 million (about $41 million) according to a filing with the Bermuda Stock Exchange.

The company reported lower total assets and a more than 10 per cent decline in the net asset value per share.

A £10.6 million loss in the second half of the year led to the net loss of £32 million for the full financial year to September 30.

Peter Durhager, the chairman of Somers Ltd, said: “We are pleased with how our investee companies have performed this financial year in what are challenging markets.

“They have continued to develop their businesses, adjust to an environment of higher interests rates, and in a number of instances, their growth has been very positive.

“Going forward, we believe that we, and our investee companies, are well placed to take advantage of increasing opportunities in the financial services sector.”

The statement reported:

• Shareholders’ equity of £271 million as at September 30, 2023 (2022: £303.2 million)

• Net loss of £10.6 million for the second half of the year (2022: net loss of £115.3 million) resulting from a decrease in the market value of the investment portfolio. Net loss for the full year was £32 million (2022: net loss of £164.3 million)

• NAV per share of £11.10 as at September 30. (2022: £12.42)

Somers’ total assets decreased over the half-year to £360.3 million (September 30, 2022: £379.3 million) owing to the valuation decreases and currency movements, the company said.

The investment portfolio was £321.6 million as at September 30 (2022: £338.5 million), with equity investments (£315.1 million) accounting for 98 per cent of the total. The remaining portfolio investments consisted of other financial investments.

Shareholders’ equity was £271 million as at September 30 (2022: £303.2 million). The number of shares in issue as at September 30 was 24,410,115.

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Somers Ltd. - 2023-12-14 - Full Year Results.pdf

• For the full financial statement, see Related Media