- Technology-focused investment and advisory group MXC Capital swung to a full-year profit, following a recovery in the value if its public company investments.

Net profit for the year through August amounted to £9.4m, compared to a loss of £7.6m on-year.

The company's net asset value per share as at 31 August was 117p, up from 95p a year earlier.

Milestones during the year included an exit from Tax Systems, which generated generating total proceeds of £24.2m, representing an overall return of 1.62 times and a cash profit of £9.3m plus fees.

The company recently completed a tender offer for £1.7m, at a price of 116p per share.

'In the year to 31 August 2019, MXC made significant progress both in terms of trading profitability and with respect to its investments,' chief executive Peter Rigg said.

'After a couple of difficult years, I am delighted that the hard work of the MXC team is paying off and that we were able to reward shareholders for their loyalty by way of a return of capital.'

'I continue to be grateful for the diligence, initiative and creativity of the MXC team during the year and, as ever, for the ongoing support of our shareholders.'

Story provided by