Annual Report and Accounts 2026
Our strategy is built on a clear conviction that the most compelling long-term returns are generated by backing high-quality businesses and projects in those parts of the UK that remain underserved by mainstream capital.
Dr Mark Payton, CEO, Mercia
Non-executive Chair's statement
Our focus on building a profitable, predominantly recurring revenue fund management operation continues to deliver.
CEO's review
Our objective remains clear and consistent: to deliver sustainable, long-term value for our shareholders, fund investors, portfolio companies and the wider UK economy.
CFO's review
Mercia remains financially strong, and focused on progressing its strategic objectives.
Mercia by numbers
Group AuM (FY25: £2.0bn)
Revenue (FY25: £34.4m)
EBITDA (FY25: £7.6m)
Net Assets (FY25: £187.9m)
Total dividends per share (2025: 0.95pence)
Cash (FY25: £40.1m)
NAV/share (FY25: 43.6pence)
Barberry 92
The demand for high quality midbox logistics space continues to grow and Barberry saw the opportunity early.
In this conversation with Dean Heaney, Henry Bellfield and Jon Robinson (Barberry) discuss the evolution of the sector, the importance of location and how support from Frontier Development Capital and the West Midlands Combined Authority has helped accelerate delivery across multiple schemes in the West Midlands.
GW Power
Dan Haley set up his own building services business, GW Power, after being made redundant at the age of 25. In February of this year, he secured a £500,000 loan from NPIF II – Mercia Debt Finance, as part of the Northern Powerhouse Investment Fund II (NPIF II), to support the next phase of its growth.
He now employs 46 staff in addition to on-site contractors and has a turnover exceeding £12m. Founded in 2014, the Hull-based company has expanded into renewables and energy and has recently moved to larger premises that will act as a showcase for its work. Learn more about Dan, the business, the funding and what’s next for GW Power in our interview.
Annual Report and Accounts 2026