Mercia enjoys strong half-year results
Investment group Mercia Technologies has hailed strong half-year results with growth in revenue and profit.
The Warwickshire-based technology investor increased revenues by more than 65 per cent, from £2.9m to £4.8m, for the six months to 30 September 2017.
It also grew profits after tax to £1.4m from £1.1m in the same period last year.
Mercia invested a total of £9.7m in nine companies during the period, and a further £3.3m since 30 September, including a £1.8m investment into Aston Eye Tech.
Funds under management in the period were £336.5m from £220m a year before.
"Growth is the central theme throughout these interim results," said chief executive Mark Payton.
"We are pleased with the progress that our direct investments are making and the fair value increase has, in part, occurred as a result of successful syndicated investment rounds."
"We are also encouraged by the increase in the quantum of funds under management as this enables Mercia to continue to build a sustainable pipeline of potential future direct investments, with the aim of becoming the leading provider of Complete Capital in the key regions of the Midlands, the North of England and Scotland to deliver value for our shareholders.
He added: "We look forward to maintaining this momentum in the second half of the year as we continue to build a sustainable and ultimately self-sufficient investment model."