LONDON (Alliance News) - UK-focused investment company Mercia Technologies PLC said Thursday it expects macro-economic and political troubles to benefit its largely technology-focused portfolio.
Mercia reported its investment portfolio fair value increased by GBP8.5 million, or 22% over the six months to September 30, standing at GBP46.6 million. The movement was driven by GBP5.7 million in net new capital invested and GBP2.8 million in upward fair value movement.
Mercia said that it also invested GBP11.5 million in third party funds during the period, and raised another GBP8.6 million, leaving it with total managed funds of around GBP228 million at the end of the period.
Mercia noted that during the period, its portfolio company, fertility product developer Concepta PLC, floated on AIM.
"We are acutely aware of the current macroeconomic climate both nationally (following the EU referendum) and globally (following the US election). In these challenging conditions, corporates continue to turn to technology to achieve scale, cost efficiencies and productivity gains. This trend should support the ongoing development of the companies within Mercia's portfolio, focused as it is on technology rich sectors," said Mark Payton, chief executive officer.
"During the coming months, the group will seek syndicated investment rounds for some of its direct investments as a natural progression of its funding strategy, whilst focusing on the medium to long-term goal of realising profitable exits from its investments," added Payton.
Shares in Mercia were up 0.6% at 47.01 pence Thursday morning.
By Adam Clark; adamclark@alliancenews.com
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Mercia Asset (MERC)