- Regionally focused asset manager Mercia Asset Management reported an increase in revenue and profit after tax for the 12 months to 31 March.

The company, which has just changed its name from Mercia Technologies, saw third party funds under management fall from £400m to £381m thanks to the winding down of the RisingStars Growth Fund, which saw the return of around £17m of capital to fund investors.

The direct investment portfolio increased to £87.7m (2018: £66.1m). Revenue increased 4.7% to £10.7m (2018: £10.2m). Profit after tax for the financial year increased to £2.6m (2018: £1.7m) and earnings per share increased to 0.86p (2018: 0.55p).

Mark Payton, Chief Executive Officer of Mercia, commented: 'These results mark the acceleration of Mercia's evolution towards becoming a profitable, proactive and regionally focused specialist asset manager.

'Across our four asset classes of balance sheet, venture, private equity and debt capital, we recorded our strongest level of deal completions and investments to date.'

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