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(Alliance News) - Mercia Asset Management PLC said Monday profit for its recently-ended financial year rose sharply on the increased value of its portfolio.
The asset manager, formerly known as Mercia Technologies, said for the year to the end of March pretax profit increased by 63% to GBP2.6 million from GBP1.6 million the year before, on revenue that grew by 4.7% to GBP10.7 million from GBP10.2 million.
During the period, Mercia said it invested GBP19.4 million into 17 portfolio companies, including two direct investments: identity verification services provider W2 Global Data Solutions and gene and cell therapy company Locate Bio.
Mercia's portfolio value grew by 33% to GBP87.7 million from GBP66.1 million, reflecting GBP17.7 million in new capital invested and GBP3.9 million in fair value gains.
As at March 31, funds under management were GBP381 million, down from GBP400 million the prior year.
Looking ahead, Mercia said it will look to progress the largest balance sheet direct investments, and when the opportunity presents itself, expand its venture, private equity and debt funds activities.
"These results mark the acceleration of Mercia's evolution towards becoming a profitable, proactive and regionally focused specialist asset manager. Across our four asset classes of balance sheet, venture, private equity and debt capital, we recorded our strongest level of deal completions and investments to date," said Chief Executive Officer Mark Payton.
Shares in Mercia Asset Management were up 3.3% at 33.25 pence on Monday.