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Thegroupsawa12。

3%increaseinnetassetspershareto378。

5p(excludingSVGAdvisersandSVGInvestmentManagers),showingacleanpairofheelstotheFTSEAll-ShareTotalReturnindex,whichrose3。

35overthesameperiod。

Theinvestmentportfoliosawatotalreturnof9。

8%overthesixmonthperiod,withthestakesinfashionfirmHugoBossandcasinooperatorGalaxyEntertainmentthetopperformers。

Themajorityofcompaniesintheportfoliocontinuetodemonstrateresilientearningsgrowth。

Weremainmindfuloftheuncertaintyinthemacroeconomicenvironmentandtheimpactthismayhaveonourportfoliocompanies。

However,wefeelpositivethatourexposuretoanunderlyingportfolioofhighqualityassetsandtheprogresswearemakingonourstrategywillcontinuetodelivervalueforourshareholdersovertheshorterandlongerterm,saidLynnFordham,ChiefExecutiveOfficerofSVGCapital。

Gainsoninvestments(atfairvalue)inthefirsthalfof2012totalled£114。

2m,versusgainsof£270。

1minthefirsthalfof2011。

DistributionsinthefirsthalfweredescribedasmutedbyFordhamat£38。

6m。

Thecompanypaidout£22。

2mincashcallsintheperiod,givinganetcashinflowfromtheinvestmentportfolioof£16。

4m。

Themostnotablecallwasfor£19。

5mtothePermiraIVfund,largelytopayforafollow-oninvestmentintoArystaLifeScience,whilstdistributionsincluded£10。

9mfromapartialrealisationoftheinvestmentinTDCand£5。

4mfromtheJapanFundIV。

Profitbeforetaxmorethanhalvedto£104。

6mfrom£246。

7mtheyearbefore。

Dilutedearningspersharetumbledto35。

8pfrom78。

3ptheyearbefore。

At30thJune2012,fundsundermanagementoradvicestoodat€3。

7bn,in-linewithDecember2011。

Uncertaintyinthewidereconomicenvironmenthadmadeitharderforprivateequityinvestorstocashinontheirinvestments,admittedChairmanNicholasFerguson,whowillbesteppingdownfromtheroleonceasuccessorhasbeenfound。

Asaresultofsharerepurchases,thegroupscashpositionfellfrom£121。

0mattheendof2011to£33。

1matJune30th,2012。

Othercashoutflowsintheperiodinclude£13。

4moffinancecostsand£7。

4mofSeniorNotebuy-backs。

Weanticipateconditionstoremainchallengingwhileuncertaintyprevails,yetfeelconfidentwehaveexposuretoanunderlyingportfolioofqualitybusinesseswithglobalreach,whichcontinuetogrowresiliently,Fergusonsaid。

JH