REG - Mercia Asset Mgt PLC - Year end trading summary and date of results

Mercia Asset ManagementAnnouncement

10/04/2024 07:00

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RNS Number : 9099J  Mercia Asset Management PLC  10 April 2024

 RNS  10 April 2024

 

Mercia Asset Management PLC

 

("Mercia", the "Company" or the "Group")

 

Year end trading summary and date of full year results

 

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused
specialist asset manager with over £1.5billion of assets under management, is
pleased to provide a trading summary for the financial year ended 31 March
2024 ("FY24").

 

Organic fund inflows for FY24 as a whole exceeded £0.5billion, which is a
record for Mercia and represents a c.40% increase in Mercia's third-party
funds under management, since the beginning of the financial year. There were
no redemptions. As a result of these substantial inflows, Mercia has begun the
new financial year in a strong position.

 

Frontier Development Capital continued to perform in line with the Group's
expectations and has now achieved another of its two-year contingent deferred
consideration targets, eight months early, namely the achievement of a net new
institutional third-party fund raising target of £100million.

 

Set against a continuing challenging market backdrop of constrained new fund
raisings, private capital co-investment and exits/IPOs, Mercia's direct
investment portfolio continues to make overall technical and commercial
progress.

 

Mercia's closing cash and cash equivalents position as at 31 March 2024 was
c.£47million and the Group remains debt free.

 

Date of full year results

Mercia will announce its full year results for FY24 on Tuesday 2 July 2024.
Further details will be provided in due course.

 

Dr Mark Payton, CEO of Mercia Asset Management PLC, commented: "Mercia's
record year of organic fund inflows for FY24, which exceeded £0.5billion, is
testament to our investment performance, together with the operational
teamwork of everyone in our Group. It also reflects Mercia's ability to
effectively deploy equity and debt funding across the UK, through our
established regional footprint. We continue to be pleased with the performance
of Frontier Development Capital and we remain encouraged by the overall
development of our direct investment portfolio.

 

"Our significant closing debt free cash position as at 31 March 2024 of
c.£47million, means that Mercia enters the new financial year in a strong
financial and liquidity position, across both its managed funds and balance
sheet. We look forward to announcing our FY24 full year results on Tuesday 2
July 2024."

 

 

- Ends -

 

For further information, please contact:

 

 Mercia Asset Management PLC                          +44 (0)330 223 1430

 Mark Payton, Chief Executive Officer

 Martin Glanfield, Chief Financial Officer

 www.mercia.co.uk (http://www.mercia.co.uk/)

 Canaccord Genuity Limited (NOMAD and Joint Broker)   +44 (0)20 7523 8000
 Simon Bridges, Emma Gabriel

 Singer Capital Markets (Joint Broker)                +44 (0)20 7496 3000
 Harry Gooden, James Moat

 FTI Consulting                                                 +44 (0)20 3727 1051
 Tom Blackwell, Jenny Boyd
 mercia@fticonsulting.com

 

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional
SMEs to achieve their growth aspirations. Mercia provides capital across its
four asset classes of venture, private equity, debt and proprietary capital:
the Group's 'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over time Mercia
can provide further funding to the most promising companies, by deploying
direct investment follow-on capital from its own balance sheet.

 

The Group has a strong UK footprint through its regional offices, university
partnerships and extensive personal networks, providing it with access to
high-quality deal flow.

 

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".

 

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