Mercia Asset Management PLC (AIM:MERC) said it has made a positive start to the current financial year and remains optimistic about the second half.
The positive start has been across the regionally focused asset manager’s asset classes and recurring revenue streams, said chairman Ian Metcalfe in a short statement prepared for the annual shareholder meeting later today.
“The group remains well placed to support existing funds' portfolio companies, as well as adding new investments to those portfolios as a result of our continuing group-wide liquidity position and strong deal origination capabilities,” he said.
A balance sheet cash position of roughly £35 million is being “carefully managed”, while directors also maintain support for maturing direct investments.
“We remain optimistic for continuing progress across the group during the second half of the current financial year,” he concluded.
Today's AGM will allow attending shareholders to meet and hear from a range of the group's portfolio companies, with representatives from virtual reality game developer nDreams, cleantech Nova Pangaea and automotive audio specialist Warwick Acoustics all scheduled to be in attendance.