Mercia published its 2018 Half Year Results on 3 December 2018. The commercial progress being made across the portfolio is accelerating. With Mercia’s increasing scale, we are now seeing a greater number of attractive investment opportunities for our managed funds, which bodes well for the future direct investment pipeline as we seek to build a sustainable investment model. We therefore remain confident in our ability to deliver strong returns for shareholders and fund investors alike over the medium term.