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Mercia Asset Management PLC - Regionally focussed specialist asset manager - Net assets rise by 1.1% to £202.9 million at March 31 financial year-end, from £200.6 million 12 months earlier. Net assets per share drop by 0.4% to 45.4 pence from 45.6p the prior year. Mercia had around 6.5 million more shares in issue at the end of March than a year prior. The company’s assets under management increase by 46% to £1.4 billion from £959.2 million in the same period the year before. Says its pretax profit for its year ended March 31 falls to £2.4 million from £27.4 million. Revenue up 12% to £25.9 million from £23.2 million. However, the fair value movements in direct investments fell to £1.2 million from £11.4 million. Declares a final dividend of 0.53 pence per share, up 6.0% from 0.50p per share the year before. The company says that it has set an ‘ambitious target’ of increasing its capital deployment to a record level of £250 million in its net financial year. Chief Executive Officer Mark Payton said: ‘Despite a year of caution for many in our sector, we have increased our levels of capital deployment, completed a successful acquisition and achieved positive fund inflows, with total assets under management growing by around 50%.’ Current stock price: 25.70 pence, up 3.2% 12-month change: down 11% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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