MXC Capital Limited has enjoyed a year of good progress as it continues to build out its operations.
"Whilst equity markets were more volatile in the second half of the year, MXC benefitted from the breadth of its merchant banking operations and the increasing number of investments in its portfolio," the company said.
- NAV up 16% to £72m (2015: £62m) at the period end
- £32m invested in 6 new businesses: portfolio now eleven investments, six of which are quoted
- NAV growth reflects mix in cycle of increased early stage investments, maturing investments and realisations
- Underlying trading EBITDA of £2.5m demonstrating profitability of merchant banking operations
- Advised on a total of 8 corporate finance mandates in the period including the £51m IPO of Tax Systems plc - MXC acted as lead adviser and cornerstone investor
- Realised gains of £7 million on disposals
- £3.8 million returned to shareholders following Board's decision to extend capital returns
- £13m of net funding available for further investment at period end
- Good pipeline for existing portfolio companies and fresh investment opportunities
- Further strengthening of MXC team, supporting growth of portfolio.