In its results for 1H ending September 2018, Mercia reports that is has invested £9.2m in 11 portfolio companies vs. £9.7m invested in nine portfolio companies in 1H 2017. Investments include £1.0m in Warwick Acoustics and £1.5m in Impression Technologies. Moreover, it invested £1.2m in Smart Antenna Technologies and £1.5m in Voxpopme, along with a new direct investment of £0.5m in Locate Bio.
Direct investment portfolio companies such as Oxford Genetics, nDreams and Aston EyeTech won their largest multi-million pound contracts thus far. The portfolio is well balanced, with 99% of the value spread across 20 companies in four technology sectors.
Funds under management stood at £394.9m vs. £336.5m in 2017 and the company plans to invest £216.0m over the next 4-5 years from the available capital.
Revenue increased to £5.3m vs. £4.8m in 1H 2017 and net expenses decreased to £0.7m. Net assets stood at £125.2m, with unrestricted cash and short-term liquidity investments of £38.3m. Operating profit remained at £1.8m.
Mark Payton, MERC’s CEO, said: “With Mercia’s increasing scale, we are now seeing a greater number of attractive investment opportunities for our managed funds, which bodes well for the future direct investment pipeline as we seek to build a sustainable investment model.”