The investment firm saw its portfolio net value decrease but said assets under management had risen by more than 50% during the 2019-2020 financial year.
The net value of assets held by UK-based investment firm Mercia Asset Management fell by an annual £15.8m ($19.7m) in the financial year ending March 31, 2020 amid the fallout from coronavirus.
Although turnover climbed by 19.4% to $15.8m year-on-year, Mercia shed a $21.7m post-tax loss compared with $3.9m profit the year before, equating to 6.4 cents per share.
Assets under management rose 58% during the period to $997m, a result largely down to growth at its third-party funds after Mercia bought three regional VC trusts from NVM Private Equity in December 2019.
Mercia ploughed a total of $21.8m in funding into 18 of its portfolio companies, including one new direct investment into workplace performance management platform Clear Review.
The firm said it expects material commercial progress for several of its investments despite the effects of coronavirus.
Cash and short-term liquidity amounted to $37.7m…
