Interim Results 2022

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

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.

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.

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.

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.

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.

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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