Mercia Asset Management

MERC · AIM · Financial Services · mcap £128m · 30.5p

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Financials · LTM to 31 Mar 26

Source: results 30 Jun 26 ↗

Revenue: £34.1m
Operating profit: −£8.9m
Net income: −£8.6m
Free cash flow: £3.1m
Net cash: £26.4m
Market cap: £129m
EV / EBIT: –
FCF yield: +2.4%
Price / book: 0.7×

Latest half-year · H1 Sep 25 vs H1 Sep 24 results 02 Dec 25 ↗

Revenue: £17.2m
Operating profit: £1.8m
Net income: £1.7m
Cash from operations: −£53k

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it in the results of each period, newest first. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: FY Mar 26 (twelve months to 31 Mar 26), published 30 Jun 26 · read the results ↗

	FY Mar 26£'000	FY Mar 25£'000
Revenue	34,136	35,201
Administrative expenses	(26,614)	(28,034)
Realised fair value loss on sale of direct investments	-	(278)
Unrealised fair value movements in direct investments	(12,837)	274
Share-based payments charge	(571)	(938)
Amortisation of intangible assets	(2,989)	(2,989)
Movement in fair value of deferred consideration	-	(454)
Operating (loss)/profit	(8,875)	2,782
Finance income	1,298	2,626
Finance expense	(81)	(56)
(Loss)/profit before taxation	(7,658)	5,352
Taxation	(953)	(1,897)
(Loss)/profit and total comprehensive (expense)/income	(8,611)	3,455
Basic and fully diluted (loss)/earnings per Ordinary share (pence)	(2.00)	0.80

	H2 Mar 26£'000	H1 Sep 25£'000	H2 Mar 25£'000	H1 Sep 24£'000
Revenue	16,935	17,201	17,293	17,908
Administrative expenses	(13,350)	(13,264)	(13,540)	(14,494)
Realised fair value gain on sale of a direct investment	–	-	–	-
Unrealised fair value movement in direct investments	–	(340)	–	185
Share-based payments charge	(242)	(329)	(460)	(478)
Amortisation of intangible assets	(1,494)	(1,495)	(1,494)	(1,495)
Movement in fair value of deferred consideration	-	-	(159)	(295)
Operating profit	(10,648)	1,773	1,451	1,331
Finance income	569	729	1,498	1,128
Finance expense	(39)	(42)	(30)	(26)
Profit before taxation	(10,118)	2,460	2,919	2,433
Taxation	(172)	(781)	(1,240)	(657)
Profit and total comprehensive income	–	1,679	–	1,776
Basic earnings per Ordinary share (pence)	–	0.39	–	0.41
Diluted earnings per Ordinary share (pence)	–	0.38	–	0.40

	FY Mar 26£'000	FY Mar 25£'000
Assets
Non-current assets
Goodwill	21,126	21,126
Intangible assets	9,192	12,181
Property, plant and equipment	289	153
Right-of-use assets	891	727
Investments	124,766	125,960
Total non-current assets	156,264	160,147
Current assets
Trade and other receivables	4,653	3,249
Cash and cash equivalents	26,380	40,093
Total current assets	31,033	43,342
Total assets	187,297	203,489
Current liabilities
Trade and other payables	(10,506)	(11,780)
Lease liabilities	(313)	(425)
Total current liabilities	(10,819)	(12,205)
Non-current liabilities
Lease liabilities	(627)	(333)
Deferred taxation	(2,296)	(3,044)
Total non-current liabilities	(2,923)	(3,377)
Total liabilities	(13,742)	(15,582)
Net assets	173,555	187,907
Equity
Issued share capital	4	4
Share premium	83,775	83,775
Treasury reserve	(3,755)	(4,911)
Other distributable reserve	48,234	55,370
Retained earnings	38,600	47,211
Share-based payments reserve	6,697	6,458
Total equity	173,555	187,907

	H2 Mar 26£'000	H1 Sep 25£'000	H2 Mar 25£'000	H1 Sep 24£'000
Assets
Non-current assets
Goodwill	21,126	21,126	21,126	21,126
Intangible assets	9,192	10,685	12,181	13,675
Property, plant and equipment	289	323	153	183
Right-of-use assets	891	1,101	727	871
Investments	124,766	131,100	125,960	120,932
Total non-current assets	156,264	164,335	160,147	156,787
Current assets
Trade and other receivables	4,653	3,083	3,249	3,231
Cash and cash equivalents	26,380	34,469	40,093	46,214
Total current assets	31,033	37,552	43,342	49,445
Total assets	187,297	201,887	203,489	206,232
Current liabilities
Trade and other payables	(10,506)	(10,949)	(11,780)	(12,035)
Lease liabilities	(313)	(516)	(425)	(403)
Deferred consideration	–	-	–	(2,575)
Total current liabilities	(10,819)	(11,465)	(12,205)	(15,013)
Non-current liabilities
Lease liabilities	(627)	(638)	(333)	(445)
Deferred taxation	(2,296)	(2,671)	(3,044)	(3,419)
Total non-current liabilities	(2,923)	(3,309)	(3,377)	(3,864)
Total liabilities	(13,742)	(14,774)	(15,582)	(18,877)
Net assets	173,555	187,113	187,907	187,355
Equity
Issued share capital	4	4	4	4
Share premium	83,775	83,775	83,775	83,775
Treasury reserve	(3,755)	(3,956)	(4,911)	(4,925)
Other distributable reserve	48,234	51,902	55,370	56,966
Retained earnings	38,600	48,890	47,211	45,532
Share-based payments reserve	6,697	6,498	6,458	6,003
Total equity	173,555	187,113	187,907	187,355

	FY Mar 26£'000	FY Mar 25£'000
Cash flows from operating activities:
Operating (loss)/profit	(8,875)	2,782
Depreciation of property, plant and equipment	117	103
Depreciation of right-of-use assets	463	495
Realised fair value loss on sale of direct investments	-	278
Unrealised fair value movements in direct investments	12,837	(274)
Share-based payments charge	571	938
Amortisation of intangible assets	2,989	2,989
Movement in fair value of deferred consideration	-	454
Working capital adjustments
Increase in trade and other receivables	(671)	(26)
(Decrease)/increase in trade and other payables	(89 9 )	1,670
Cash generated from operating activities	6,53 2	9,409
Corporation tax paid	(2,746)	(690)
Net cash generated from operating activities	3,7 86	8,719
Cash flows from direct investment activities
Proceeds from sale of direct investments	-	601
Purchase of direct investments	(12,193)	(9,704)
Investee company loan repayment	550	-
Investee company loan interest received	1	587
Net cash used in direct investment activities	(11,642)	(8,516)
Cash flows from other investing activities
Interest received from cash and cash equivalents	1,239	2,063
Purchase of property, plant and equipment	(253)	(128)
Deferred consideration paid in respect of acquisitions	-	(2,733)
Net cash generated from/(used in) other investing activities	986	(798)
Net cash used in total investing activities	(10,656)	(9,314)
Cash flows from financing activities
Dividends paid	(4,176)	(3,968)
Purchase of Ordinary shares for cancellation/into treasury	(2,96 0 )	(1,836)
Proceeds received from the exercise of employee share options	807	73
Interest paid	(81)	(56)
Payment of lease liabilities	(433)	(465)
Net cash used in financing activities	(6,84 3 )	(6,252)
Net decrease in cash and cash equivalents	(13,713)	(6,847)
Cash and cash equivalents at the beginning of the year	40,093	46,940
Cash and cash equivalents at the end of the year	26,380	40,093

	H2 Mar 26£'000	H1 Sep 25£'000	H2 Mar 25£'000	H1 Sep 24£'000
Operating profit	(10,648)	1,773	1,451	1,331
Depreciation of property, plant and equipment	62	55	53	50
Depreciation of right-of-use assets	231	232	243	252
Realised fair value loss on sale of a direct investment	–	-	–	-
Unrealised fair value movement in direct investments	–	340	–	(185)
Share-based payments charge	242	329	460	478
Amortisation of intangible assets	1,494	1,495	1,494	1,495
Movement in fair value of deferred consideration	-	-	159	295
Decrease/(increase) in trade and other receivables	–	166	–	740
(Decrease)/increase in trade and other payables	–	(2,916)	2,131	(461)
Cash generated from operating activities	–	1,474	5,414	3,995
Corporation tax (paid)/received	–	(1,527)	–	162
Net cash (used in)/generated from operating activities	–	(53)	–	4,157
Sale of direct investments	–	-	–	-
Purchase of direct investments	(6,363)	(5,830)	(5,818)	(3,886)
Investee company loan repayment	200	350	-	-
Investee company loan interest received	(9)	10	587	-
Net cash used in direct investment activities	(6,172)	(5,470)	(4,630)	(3,886)
Interest received from cash and cash equivalents	548	691	928	1,135
Purchase of property, plant and equipment	(28)	(225)	(23)	(105)
Deferred consideration paid in respect of acquisitions	-	-	(2,733)	-
Net cash generated from/(used in) other investing activities	520	466	(1,828)	1,030
Net cash used in total investing activities	(5,652)	(5,004)	(6,458)	(2,856)
Dividends paid	(4,176)	-	(3,968)	-
Purchase of Ordinary shares into treasury	–	-	–	(1,834)
Purchase of Ordinary shares for cancellation	–	(965)	–	-
Proceeds received from the exercise of employee share options	141	666	7	66
Interest paid	(39)	(42)	(30)	(26)
Payment of lease liabilities	(207)	(226)	(232)	(233)
Net cash used in financing activities	–	(567)	(4,225)	(2,027)
Net decrease in cash and cash equivalents	(8,089)	(5,624)	(6,121)	(726)
Cash and cash equivalents at the beginning of the period	–	40,093	–	46,940
Cash and cash equivalents at the end of the period	–	34,469	–	46,214

	FY Mar 26	FY Mar 25
Revenue to operating profit
Revenue	34.1	35.2
Adjusted EBITDA	8.1	7.6
Operating profit	(8.9)	2.8
Depreciation (owned assets)	0.1	0.1
Depreciation (right-of-use)	0.5	0.5
Amortisation	(3.0)	(3.0)
Share-based payments	(0.6)	(0.9)
Operating profit to net income
Fair value gains / losses	(12.8)	0.3
Finance costs	(0.1)	(0.1)
Profit before tax	(7.7)	5.4
Tax	(1.0)	(1.9)
Net income (owners)	(8.6)	3.5
Per share
EPS basic	(2.0p)	0.8p
EPS diluted	(2.0p)	0.8p
Dividend per share	–	0.9p

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Revenue to operating profit
Revenue	16.9	17.2	17.3	17.9
Adjusted EBITDA	3.9	4.2	3.9	3.7
Operating profit	(10.6)	1.8	1.5	1.3
Depreciation (owned assets)	0.1	0.1	0.1	0.1
Depreciation (right-of-use)	0.2	0.2	0.2	0.3
Amortisation	(1.5)	(1.5)	(1.5)	(1.5)
Share-based payments	(0.2)	(0.3)	(0.5)	(0.5)
Operating profit to net income
Fair value gains / losses	(12.5)	(0.3)	0.1	0.2
Finance costs	(0.0)	(0.0)	(0.0)	(0.0)
Profit before tax	(10.1)	2.5	2.9	2.4
Tax	(0.2)	(0.8)	(1.2)	(0.7)
Net income (owners)	(10.3)	1.7	1.7	1.8
Per share
EPS basic	(2.4p)	0.4p	0.4p	0.4p
EPS diluted	(2.4p)	0.4p	0.4p	0.4p
Dividend per share	–	0.4p	0.6p	0.4p

	FY Mar 26	FY Mar 25
Operating activities
Cash from operations	3.8	8.7
Interest paid	(0.1)	(0.1)
Tax paid	(2.7)	(0.7)
Investing activities
Capex (PP&E)	(0.3)	(0.1)
Financing activities
Lease principal paid	(0.4)	(0.5)
Dividends paid	(4.2)	(4.0)
Share buybacks	(3.0)	(1.8)
Shares issued	0.8	0.1

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Operating activities
Cash from operations	3.8	(0.1)	4.6	4.2
Interest paid	(0.0)	(0.0)	(0.0)	(0.0)
Tax paid	(1.2)	(1.5)	(0.9)	0.2
Investing activities
Capex (PP&E)	(0.0)	(0.2)	(0.0)	(0.1)
Financing activities
Lease principal paid	(0.2)	(0.2)	(0.2)	(0.2)
Dividends paid	(4.2)	0.0	(4.0)	0.0
Share buybacks	(2.0)	(1.0)	(1.8)	0.0
Shares issued	0.1	0.7	0.0	0.1

	FY Mar 26	FY Mar 25
Non-current assets
Goodwill	21.1	21.1
Other intangibles	9.2	12.2
Property, plant & equipment	0.3	0.2
Other investments	124.8	126.0
Non-current assets	156.3	160.1
Current assets
Trade receivables	4.7	3.2
Cash	26.4	40.1
Current assets	31.0	43.3
Total assets	187.3	203.5
Current liabilities
Trade payables	10.5	11.8
Lease liabilities, current	0.3	0.4
Current liabilities	10.8	12.2
Non-current liabilities
Lease liabilities, non-current	0.6	0.3
Deferred consideration	–	0.0
Non-current liabilities	2.9	3.4
Total liabilities	13.7	15.6
Equity
Total equity	173.6	187.9
Net cash and other figures
Net asset value	–	187.9
Treasury shares	-3.8m	-4.9m

	H2 Mar 26	H1 Sep 25	H2 Mar 25	H1 Sep 24
Non-current assets
Goodwill	21.1	21.1	21.1	21.1
Other intangibles	9.2	10.7	12.2	13.7
Property, plant & equipment	0.3	0.3	0.2	0.2
Other investments	124.8	131.1	126.0	120.9
Non-current assets	156.3	164.3	160.1	156.8
Current assets
Trade receivables	4.7	3.1	3.2	3.2
Cash	26.4	34.5	40.1	46.2
Current assets	31.0	37.6	43.3	49.4
Total assets	187.3	201.9	203.5	206.2
Current liabilities
Trade payables	10.5	10.9	11.8	12.0
Lease liabilities, current	0.3	0.5	0.4	0.4
Current liabilities	10.8	11.5	12.2	15.0
Non-current liabilities
Lease liabilities, non-current	0.6	0.6	0.3	0.4
Deferred consideration	–	0.0	0.0	2.6
Non-current liabilities	2.9	3.3	3.4	3.9
Total liabilities	13.7	14.8	15.6	18.9
Equity
Total equity	173.6	187.1	187.9	187.4
Net cash and other figures
Net asset value	–	187.1	187.9	187.4
Treasury shares	-3.8m	–	-4.9m	–

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.