LONDON (Alliance News) - Mercia Technologies PLC Thursday said it made continued good progress across its investing activity, seeing the fair value of its portfolio increase GBP4.6 million in its first half.
For the half year to end-September the company reported a pretax loss of GBP748,000 on revenue of GBP654,000. Mercia did not provide comparative figures as it listed in December of last year.
During the period the fair value of he company's investment portfolio increased by GBP4.6 million to GBP29.2 million from GBP24.6 million as at the end of march. The company invested GBP4.4 million in 11 portfolio companies, including GBP800,000 in new direct investments Edge Case Games, Impression Technologies and LM Technologies.
Since the year end it has invested a further GBP4.2 million in one new and six existing portfolio companies, including one new company, Intelligent Positioning, bringing its total invested since its initial public offering to GBP20.0 million.
"In the 12 months since Mercia's debut on AIM, we have made good progress towards meeting our stated strategic objectives and we expect this momentum to continue. To date, over GBP20.0million of the IPO proceeds have been invested and this amount is ahead of our original IPO projections," said Chief Executive Mark Payton in a statement.
Shares in Mercia Technologies were down 7.8% at 47.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Mercia Asset (MERC)