Mercia Asset Management
MERC · AIM · Financial Services · mcap £130m · 30.5p 3 open situations →
Open · 3
Mercia '27 growth targets
Mercia '27 targets AuM above £3.0bn, EBITDA of c.£10m and 70% of the direct portfolio divested by 31 March 2027. FY26 EBITDA reached a record £8.1m and AuM c.£2.2bn today. Exit timelines have lengthened, with most realisations now expected in FY28-FY29, so the divestment target looks unlikely by March 2027.
- EBITDA
- £8.1m in FY26 against the c.£10m target
- AuM
- c.£2.2bn today against the target of over £3.0bn
- Divestment
- Majority of realisations now expected FY28 to FY29
- Deadline
- All three objectives set for 31 March 2027
Next: Mercia '27 targets fall due · 31 Mar 2027
- 30 Jun 2026 Year two done; divestment target slipping
- 16 Apr 2026 FY26 EBITDA expected materially ahead of market
- 2 Dec 2025 Mid-point; EBITDA and margin improving, AuM flat
3 directors buying
- 21 Aug 2026 Jocelyne Bath £13k
- 21 Aug 2026 Martin Glanfield £28k
- 21 Aug 2026 Mark Payton £33k
Direct investment realisations
Advisers were appointed at several portfolio companies in December 2025 to prepare exits. Valuation comparables and acquirer behaviour have lengthened timelines, so most realisations are now expected in FY28-FY29. The Board is also considering alternative options for divesting the portfolio. Fortis Frontier was sold for £0.6m, and the portfolio is valued at £124.8m after a £12.8m fair value fall.
- Portfolio value
- £124.8m (2025: £126.0m)
- Fair value move
- £12.8m net decrease in FY26
- Timetable
- Majority of realisations FY28 to FY29
- Realisations
- Fortis Frontier £0.6m; other £0.2m since year end
Next: Realisations expected FY28-FY29; alternative divestment options considered
- 30 Jun 2026 Exit timetable pushed out
- 2 Dec 2025 Advisers appointed at several companies
Closed · 3
Company filings. Not investment advice.