Mercia Asset Management PLC is pleased to announce its interim results for the six months ended 30 September 2023.
Mark Payton, Chief Executive Officer of Mercia, commented:
"Mercia has never been financially stronger. The first six months of FY24 have witnessed record revenues derived predominantly from Mercia's profitable and cash generative third-party fund management operations. Mercia is now firmly established as a leading provider of private capital across venture, debt and private equity in the UK within the £0.5million to £20million range, with further attractive growth prospects across all of these discrete strategic asset classes.
"The Group's recent successful exit from its largest direct investment, nDreams, has materially increased Mercia's debt-free liquidity position to c.£60million today. We are therefore pleased to announce a share buyback of up to £5.0million."
Highlights
Group AuM of £1,461.8million (H1 2023: £979.4million; FY 2023: £1,437.3million); an increase of 1.7% with no redemptions
Revenue up c.23% to £15.0million (H1 2023: £12.2million)
EBITDA up c.33% to £2.8million (H1 2023: £2.1million)
Adjusted operating profit up c.54% to £5.5million (H1 2023: £3.6million)
Direct investment portfolio fair value of £142.5million (FY 2023: £136.6million)
Profit before taxation of £1.4million (H1 2023: £7.4million)
Interim dividend up c.6% to 0.35 pence per share (H1 2023: 0.33 pence per share)
Strong balance sheet with cash, cash equivalents and short-term liquidity investments of £36.5million as at 30 September 2023 (H1 2023: £56.1million; FY 2023: £37.8million), increased post period end to c.£60million following the sale of nDreams
Net assets per share of 45.3 pence (H1 2023: 46.8 pence; FY 2023: 45.4 pence)
Mercia Asset Management plc published this content on 28 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2023 07:21:13 UTC.
Mercia Asset Management PLC is a United Kingdom-based specialist asset manager focused on supporting regional small and medium enterprises (SMEs). The Company provides capital across its four asset classes of venture, private equity, debt and capital. It develops businesses via its third-party funds under management, then over time it can provide further funding to the companies, by deploying direct investment follow-on capital. It invests in Life Sciences, Digital Entertainment, Software, Hard Tech, Deep Tech and tech-enabled businesses. The Companyâs funds include NPIF - Mercia Equity Finance, NPIF - Mercia Debt Finance, Northern VCTs, Mercia EIS Funds, EV Growth II, Mercia SME loans, Northeast Venture Fund, MEIF - Mercia Proof-of-Concept, Mercia fund 1, Finance Yorkshire Business Loans, Finance Yorkshire Seedcorn Finance, Rising Stars Growth Fund, The Northwest Fund 4 Mezzanine, and The Northwest Fund 4 Venture Capital.
MERCIA ASSET MANAGEMENT PLC 
