Mercia Asset Management PLC, is pleased to announce its interim results for the six months ended 30 September 2025.
| Unaudited
30 September 2025 |
Unaudited
30 September 2024 |
Audited
31 March 2025 |
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| Statutory results | |||||
| Revenue | £17.2m | £17.9m | £35.2m | ||
| Operating profit | £1.8m | £1.3m | £2.8m | ||
| Profit before taxation | £2.5m | £2.4m | £5.4m | ||
| Basic earnings per share | 0.39p | 0.41p | 0.80p | ||
| Interim1/total dividend per share | 0.39p | 0.37p | 0.95p | ||
| Cash and cash equivalents | £34.5m | £46.2m | £40.1m | ||
| Net assets | £187.1m | £187.4m | £187.9m | ||
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Alternative performance measures |
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| AuM 2 | £2,000m | £1,837m | £1,988m | ||
| EBITDA 3 | £4.2m | £3.7m | £7.6m | ||
| EBITDA margin 4 | 24.6% | 20.8% | 22.1% | ||
| Net assets per share | 43.4p | 43.4p | 43.6p | ||
1 The interim dividend will be paid on 14 January 2026 to shareholders on the register at the close of business on 12 December 2025.
2 AuM is defined as the value of funds under management from which the Group earns revenues, plus the Group’s consolidated net assets.
3 EBITDA is defined as operating profit/(loss) excluding performance fees net of attributable costs, depreciation, realised fair value (loss)/gain on the sale of direct investments, unrealised fair value movement in direct investments, share-based payments charge, amortisation of intangible assets and movement in fair value of deferred consideration.
4 EBITDA margin is defined as EBITDA divided by revenue (excluding performance fees net of attributable costs).
Managed fund movements
- Third-party funds under management (“FuM”) increased by c.1% compared to the corresponding period end to c.£1,813million (H1 2025: c.£1,650million; FY 2025: c.£1,800million), with no redemptions
- Venture FuM of c.£959million (H1 2025: c.£952million; FY 2025: c.£928million)
- £34.8million successfully raised by the three Northern Venture Capital Trusts (“VCTs”) in April 2025, in addition to £1.3million of shareholder dividend reinvestment inflows
- Final dividends totalling £10.1million paid out by the three Northern VCTs in addition to shares repurchased and cancelled totalling £9.9million
- Two Enterprise Investment Scheme (“EIS”) funds closed raising a total of £10.6million
- £5.0million additional equity allocation under the Northern Powerhouse Investment Fund I
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- Development capital FuM of c.£454million (H1 2025 c.£388million; FY 2025: c.£472million)
- FDC Debt fund, now in its realisation phase, returned c.£18million to investors in the period
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- Property finance FuM of c.£400million (H1 2025: c.£310million; FY 2025: c.£400million)
Direct investment portfolio movements
- Direct investment portfolio fair value of £131.1million (H1 2025: £120.9million; FY 2025: £126.0million)
- £5.5million net invested into five portfolio companies (H1 2025: £3.9million net invested into four portfolio companies)
Post-period end developments
- First share allotment, totalling c.£38million of the Northern VCT’s current £50.0million fundraise, completed in November
- Launch of £35.0million North East Accelerate Fund in October 2025, investing across Tyne & Wear, Northumberland and County Durham
- Dr Jonathan Pell retires from the Board today and is succeeded by Janine Nicholls as Chair of the Audit and Risk Committee
- Experienced Non-executive Director Penny Freer has today joined Mercia, completing the current evolution of the Group’s Board.
Read the full interim results here