Mercia Asset Management PLC is pleased to announce its interim results for the six months ended 30 September 2021

Interim dividend trebled, underpinned by strong growth in profits and net assets per share

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Interim results presentation 2022

I am pleased with this strong performance and the continued growth and value creation that we have delivered across our portfolio in the six-month period under review.

– Dr Mark Payton, Chief Executive Officer – Mercia

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Software and Digital Entertainment

By sector, c.52% by value of the portfolio

nDreams

35.4% fully diluted direct investment stake with a further 4.0% fully diluted stake held by Mercia’s managed funds.

Farnborough-based nDreams achieved revenues of £5.2million for the year to 31 March 2021. Alongside its two Oculus titles, Shooty Fruity and the award-winning Phantom: Covert Ops, which continue to see solid sales growth, it also released Fracked on the Sony platform in August 2021, to critical acclaim.

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Intechnica

27.5% fully diluted direct investment stake with a further 20.7% fully diluted stake held by Mercia’s managed funds.

Manchester-based Intechnica is an ecommerce security and efficiency focussed group, which, through its Netacea subsidiary, has developed a new layer of security dedicated to malicious bot detection and mitigation.

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Deep Technology

By sector, c.26% by value of the portfolio

Faradion

15.0% fully diluted direct investment stake with a further 33.7% fully diluted stake held by Mercia’s managed funds.

Sheffield-based Faradion is one of the world’s leaders in non-aqueous sodium-ion battery cell technology. Faradion’s technology offers the same performance as lithium-ion but, crucially, with sodium being the sixth most abundant element, there is no scarcity – which also allows countries to develop their own supply chains, thus avoiding Chinese dependency.

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Life Sciences

By sector, c.21% by value of the portfolio

Locate Bio

18.1% fully diluted direct investment stake with a further 24.6% fully diluted stake held by Mercia’s managed funds.

Nottingham-based Locate Bio, which is developing a range of orthobiologics, raised £10.0million in a syndicated series A round in which Mercia made a direct investment of £1.6million alongside £4.0million from its third-party managed funds, together with £3.0million from BGF and £1.4million from other investment partners.

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Ones to watch

Sense Biodetection

1.2% fully diluted direct investment stake with a further 8.8% fully diluted stake held by Mercia’s managed funds.

With operations in the UK and the US, Sense is focused on the development of instrument-free molecular diagnostics for infectious diseases, delivering true point-of-care molecular testing in just 10 minutes. Able to address the unique challenges of remote testing at scale, Sense’s Veros™ platform has the potential to transform the way medical providers and patients approach healthcare.

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Warwick Acoustics

35.8% fully diluted direct investment stake with a further 0.5% fully diluted stake held by Mercia’s managed funds.

Midlands-based Warwick Acoustics creates highly innovative audio products for both the automotive and the high-end personal and studio headphone market. Having recently raised £3.3million from existing shareholders to fund its next stage of development, Warwick Acoustics has gained significant commercial traction.

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