- Specialist asset manager Mercia Asset Management swung to a full-year loss amid a slump in the value of its investments.

Net losses for the year through March amounted to £17.5m, compared to a profit of £2.6m on-year.

Assets under management rose 58% to about £800m, while revenue rose 19% to £12.7m.

'Inevitably, the impact of the Covid-19 pandemic, and the near-term domestic and global economic shock, has negatively affected the holding values of a number of our investee companies, especially within certain sectors such as engineering,' chief executive Mark Payton said.

'Notwithstanding the current reduction in asset price linked fund management revenues, Mercia has begun the new financial year trading profitably, which we expect to continue.'

At 9:47am: [LON:MERC] Mercia Technologies Plc share price was -0.5p at 20p

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