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Mercia Commercialising Regional Growth Opportunities Content Section at start: Page Title at start: Mercia Technologies PLC Mercia Technologies PLC Annual Report and 2016 Accounts Commercialising regional growth opportunities mercia technologies Mercia Technologies PLC Annual Report and Accounts 2016 Content Section at start: Page Title at start: Mercia Technologies is a national investment group focused on building businesses from the UK regions to deliver returns for its shareholders and fund investors. Published statistics show there is a marked undersupply of capital in its target UK regions when compared to London and the South East of England. This provides Mercia with an opportunity to source and scale promising businesses with reduced investment competition. We focus We build We deliver With 14 university partnerships as at 31 March 2016 (and with an additional 4 partnerships secured post year end) and 6 offices across the Midlands, the 2016 highlights North of England and Scotland, Mercia is able to source investment prospects first supported through its third party funds, and then selectively scale the most promising businesses (‘Emerging Stars’) using its own financial resources to accelerate their growth potential. Mercia brings together industry expertise and venture Via Mercia’s third party funds under management, we competence from an investment team that has a benefit from a funnel of some 150 businesses being strong track record. From seed through to exit, Mercia supported typically over a 6 month to 8 year period, is well placed to deploy a full range of capital (its before potentially joining the existing 22 direct ‘Complete Capital Solution’) to build valuable investments. Less than 3% of the businesses that businesses with global potential. approach us for investment receive capital from our third party funds, and of these approximately 10% will go on over time to receive direct investment. Around a third of the direct investments originate from Mercia’s university partnerships. Content Section at start: Page Title at start: Strategic report 2016 Highlights Contents Strategic report 1 2016 highlights 2 Non-executive Chair’s statement 4 Strategic report 18 Chief executive officer’s review 24 Chief investment officer’s review 26 Portfolio update report Strategic 42 Chief financial officer’s review Governance 46 Board of Directors 48 Senior management team 50 Directors’ report 51 Statement of directors’ responsibilities 52 Corporate governance report 54 Remuneration report Financial statements 57 Independent auditor’s report 58 Consolidated statement of comprehensive income 59 Consolidated balance sheet 60 Consolidated cash flow statement Governance 61 Consolidated statement of changes in equity 62 Notes to the consolidated financial statements 80 Company balance sheet 81 Company statement of changes in equity 82 Notes to the company financial statements Other information 86 Directors, secretary and advisers 87 Notice of annual general meeting Financial statements Financials Portfolio Operational • Revenue of £1.8million • £12.6million net invested in 16 new and • Acquisition of the entire issued share • Direct investment portfolio up by existing direct investment portfolio capital of the profitable fund management £13.5million companies during the reporting year with business Enterprise Ventures Group Ltd, a further £0.4million invested post year the dominant provider of funding to SMEs Net fair value gains of £0.9million • end in Concepta Diagnostics – the first across the North of England Direct investment portfolio of • direct investment arising from Enterprise The acquisition results in increased funds £38.1million • Ventures’ third party investment portfolio under management to support potential • Net assets of £80.0million • 6 exciting new direct investments: Edge future direct investment prospects to circa • Cash reserves of £30.9million Case Games, Impression Technologies, £220.0million • Post-tax loss of £1.7million LM Technologies, PsiOxus Therapeutics, • In the reporting year university information Other Intelligent Positioning and Oxford partnerships grown to 14 from 9 at the Genetics, all with significant upside start of the year, adding the universities of potential Abertay and Strathclyde in Scotland and • Further investment made into 10 existing York, Liverpool John Moores and Liverpool Emerging Stars including expanding in the North of England. Since the year end Mercia’s stake to 40% in the leading virtual St Andrews, Edinburgh Napier and reality content developer nDreams, and to Heriot-Watt in Scotland and Sheffield scale the business Hallam in the North of England have also • Good progress made with Mercia’s other become university partners, taking the direct investments total to 18 • Investment platform has now been scaled • Expansion from a single office in the to deliver the objective of a sustainable Midlands to 6 offices across the Midlands, portfolio of future direct investments the North of England and Scotland, employing 60 people Mercia Technologies PLC Annual Report and Accounts 2016 1 Content Section at start: Page Title at start: Non-executive Chair's statement Introduction I am delighted to welcome Mercia Technologies PLC shareholders to the second Annual Report and my first as the Group’s new Chair having recently succeeded Ray Chamberlain. Ray is one of the co-founders of Mercia and a successful long-term technology entrepreneur. Having reached 70 years of age this year and seen the Group establish itself as a leading regional technology investor, Ray has decided that he can best contribute to the continuing development of the Group solely as a Non-executive Director. I look forward to chairing the Board as Mercia moves to the next stage of its development as a leading regional technology investor and funder of exciting young businesses, seeking seed, early stage and growth capital. “ In the last year Mercia Technologies has continued to successfully execute against each of its IPO strategic Susan Searle objectives” Non-executive Chair 2 Mercia Technologies PLC Annual Report and Accounts 2016 Content Section at start: Page Title at start: In its first full year as an Alternative returns. During the year the Group invested In addition to our expanded Board, Mercia report Strategic Investment Market (“AIM”) listed company £12.6million (2015: £11.7million) net in 16 direct continues to build a team of highly capable Mercia Technologies has continued to investments, of which six are new Emerging investment and support professionals to successfully execute against each of its IPO Stars. The prior period financial comparatives enable the Group to achieve its medium- use of funds strategic objectives, namely: are from the date of Mercia’s admission to term strategic objectives. I should like to • To invest circa 70% to 80% of the net IPO AIM on 18 December 2014 to 31 March 2015, record my thanks to all of them for their placing proceeds of £66.0million into a period of approximately 3½ months. The dedication and total commitment. Mercia direct investments – both new and three Executive Director reviews contained existing companies which have met the within this Annual Report provide more Outlook criteria to become direct investments from detailed information on the ‘Mercia Model’ Mercia Technologies’ investment momentum Mercia’s own balance sheet cash resources, and the direct investment portfolio progress has continued into the new financial year, more generally referred to as Mercia’s that has been made during the financial year. including completing its first investment into ‘Emerging Stars’ an Enterprise Ventures portfolio company, • To acquire the remaining 80% interest in Group Board and staff Concepta Diagnostics. We expect further near- The Mercia Fund 2 Limited Partnership – During the year under review we have term direct investment opportunities from Governance which is now being dissolved and the further strengthened the Board with two Enterprise Ventures third party funds under underlying portfolio of investments and new appointments. Matthew Mead joined management, having already achieved the cash have been transferred to Mercia to as Chief Investment Officer in May 2015, requisite commercial milestones which satisfy consolidate the Group’s directly owned bringing a successful investment track record Mercia Technologies’ direct investment criteria. stakes in those companies, such as the from his former senior roles at 3i plc and profitable and cash generative NESTA. Matthew leads the Group’s team of The past year has been about scaling the Allinea Software 24 equity investment professionals as well as ‘Mercia Model’ and building the direct • To acquire complementary regional having oversight and overall responsibility investment portfolio. The current year will investment vehicles – the acquisition of for the Group’s investment portfolios – both focus on supporting those companies to Enterprise Ventures Group Ltd (‘Enterprise third party and direct investments. Jonathan make progress towards value inflexion, Ventures’) has fulfilled this near-term Diggines joined the Board on 9 March 2016 as while continuing to seek out new early objective an Executive Director. Jonathan is the former stage investment opportunities from the • To build out the Group’s platform by the Chief Executive of Enterprise Ventures and Group’s expanding network of university Financial statements recruitment of experienced investment has a successful investment track record, partnerships and other established deal and commercialisation professionals
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