LONDON (ShareCast) - (Sharecast News) - Mercia Technologies saw interim profits soar as a result of increased performance fees and narrowed expenses.
The AIM-listed investment firm witnessed a 35.7% year-on-year increase in net profits to £1.9m, thanks in part to a 8.7% jump in revenues to £5.3m and a 22% cut in expenses to £0.7m.

Net assets improved 1.29% to £125.5m, or 41.3p on a per share basis, while earnings per share took off 33.3% to 0.64p.

Looking forward, Mercia, which has invested a further £2m into W2 Global Data Solutions since the period end, noted that that UK was "consistently among the top four countries in the world for entrepreneurs to set up in business" and that it was confident that its regional investment model would set it apart from its more London-focussed rivals.

Chief executive Mark Payton said: "The commercial progress being made across the portfolio is accelerating. With Mercia's increasing scale, we are now seeing a greater number of attractive investment opportunities for our managed funds, which bodes well for the future direct investment pipeline as we seek to build a sustainable investment model."

"We, therefore, remain confident in our ability to deliver strong returns for shareholders and fund investors alike over the medium term."

As of 1010 GMT, Mercia shares had slipped 1.69% to 29p.

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