Mercia Asset Management PLC (AIM:MERC) provided an update on its mobile and digital gaming portfolio, which accounts for roughly a third of its direct investments.
Firstly, nDreams, a virtual reality game developer and publisher, which happens to be Mercia’s largest direct investment by fair value, grew revenues by 60% in the financial year to end March 2023.
nDreams has moved into profitable trading, according to Mercia's statement, with over US$12mln of projects signed so far in 2023.
The group is also growing via acquisitions and expects to have over 300 staff by the end of the year.
Mobile trading card gaming company Avid Games Limited is expected to experience roughly 70% growth this year, with AIM-listed Mercia confident it is “well placed to solidify its position as a leading player in the mobile trading card game market”.
Avid Games is the creator of Cards, The Universe and Everything, a card trading game which has roughly 250,000 monthly active users across 134 countries.
Meanwhile, Invincible Studios, formerly known as Soccer Manager, is “one of the world’s best-selling mobile football manager games”.
The group has made efforts to improve authenticity, signing partnerships to use player and team imagery, said Mercia, which has over £1.4bn in assets under management.
Invincible Studios has now been downloaded in 251 Google territories, with 8.8mln users, double that of last year, Mercia said.
"While the mobile sector showed a small slowdown in 2022, I am particularly pleased that our two mobile games businesses are both showing outstanding growth through investment in the quality of their content, together with clear user acquisition strategies,” said Julian Viggars, chief investment officer at Mercia.
Mercia also said it successfully disposed of two funds, cloud-based platform Genba and Middlesborough-based developer Sock Monkey.