Mercia Asset Management PLC launched a share buyback worth £5 million after the disposal of a stake in video game studio nDreams boosted liquidity to £60 million.
Mark Payton, the investment group’s chief executive, commented: "Mercia has never been financially stronger”.
“The first six months of FY24 have witnessed record revenues derived predominantly from Mercia's profitable and cash-generative third-party fund management operations.
"The group's recent successful exit from its largest direct investment, nDreams, has materially increased Mercia's debt-free liquidity position.”
Mercia reported assets under management of £1.46 billion at the end of the half year to September 2023, an increase of 1.7% with no redemptions.
Revenue rose by 23% to £15 million (H1 2023: £12.2 million), while underlying profits climbed by a third to £2.8 million (H1 2023: £2.1 million).
The interim dividend rose by 6% to 0.35 pence per share (H1 2023: 0.33p) while net assets at the end of the half-year were 45.3p (H1 2023: 46.8p; FY 2023: 45.4p).