Last checked at 
LONDON (Alliance News) - Mercia Technologies PLC, an investment group based in the Midlands, Friday said more companies in its pipeline are nearing its required criteria for investment.
Mercia, which raised GBP70 million from investors when it listed on AIM in a December 2014 initial public offering, has been looking to grow from the Midlands into the north of England and Scotland, funding and commercialising technology businesses.
With non-exclusive collaborations with nine universities, including the University of Birmingham to the University of Warwick, Mercia says about half its investments come from university spinouts.
"Our post IPO momentum has continued into the new financial year and with a growing portfolio of direct investments and an exciting pipeline of young technology companies, we are well placed to achieve attractive medium to long term shareholder returns," Chief Executive Mark Payton said in a statement.
Mercia was reporting maiden results for the 3.5 months trading period to the end of March.
Its accounts showed a GBP2.0 million pretax profit and net assets of GBP80.8 million.
The stock was untraded early Friday at 58.80 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.