Results round-up

Mercia Technologies reported a full year loss as it expanded its investment portfolio and was cautious about the uncertainty Brexit has bought to the technology investment industry.

The technology investment firm’s revenue rose to £1.8m for the financial year ending 21 March 2016 from £500,000 the previous year. However, the group reported a pre-tax loss of £1.7m, down from a profit of £2.0m in 2015, which was attributed to growth of its investment headcount to scale its expanded funding model.

The company’s direct investment portfolio value increased by 55% to £38.1m compared to last year.

Net assets fell slightly to £80m from £80.8m. The company’s cash and short-term liquidity investments decreased 94% to £30.9.

The investment fund increased its network to 18 university partnerships and six offices across the Midlands, the north of England and opened a new office in Scotland.

Tau Capital posted its results for the 2015 calendar year on Thursday, revealing a total operating loss of $1.04m - much narrower than the $6.56m in 2014 - as it continued its attempts to offload its last remaining asset.

Operating expenses were reduced during the year to $0.6m from $0.8m, taking the total comprehensive loss for the year to $1.64m, down from $7.36m.

The AIM-traded company’s basic and diluted loss per share was 3 cents, compared with 12 cents a year earlier.

“The process of completing the sale of the company's remaining asset, Stopharm, continues,” said Tau Capital chairman Philip Lambert.

“The sale to Capitalgate Securities has not progressed; however since I last reported we were advised of at least one other expression of interest from a third party to purchase the entire interest in Stopharm.

“We believe that due diligence was undertaken but, to date, no firm offer has been received,” he added.