MXC Capital Ltd Interim Results

MXC Capital Ltd (LON:MXCP), the AIM quoted technology focused adviser and investor, announced today its results for the six months ended 28 February 2018.

Highlights

· Strong balance sheet, net assets £63.2 million as at 28 February 2018 (H1 2017: £63.5 million)

* Total realisations of £2.3 million during the period.

* Net cash of £5.1 million (H1 2017: £1.7 million), no borrowings

· Net asset value per share 1.88 pence (H1 2017: 1.87 pence) with the underlying portfolio and liquid assets1 valued at 1.53 pence per share (H1 2017: 1.63 pence)

· Two new business ventures:

* Joint venture with Liberty Global plc signed in November 2017: fee generating in H2, first investment announced post period end

* Partnership with Ravenscroft to advise the GIF Technology & Innovation Cell (“GIF”) signed in February 2018: first investments made, fee generating in period

· Portfolio valued at £46.4 million1 at 28 February 2018 (H1 2017: £53.4 million), diminution principally due to decline in valuation of IDE Group Holdings plc (“IDE”)

· Trading EBITDA2 loss of £0.8 million (H1 2017: loss £0.9 million), reflecting investment in developing Liberty Global and GIF relationships

· During and post the period the majority of investee businesses continued to deliver on growth goals:

* Castleton Technology plc (“Castleton”) confirmed in line trading for the year ended 31 March 2018 with adjusted EBITDA of not less than £5.0 million, representing continued double digit organic growth.

* Tax Systems plc (“Tax Systems”) reported results for the year ended 31 December 2017 in line with market expectations with adjusted EBITDA of £7.0 million representing growth of 11%

* IDE reported disappointing results for the year to 31 December 2017, management are undertaking an ongoing review of the business

* Sagacity Solutions Limited continued to build its product portfolio and broaden its customer base, with a high level of repeat revenues

* Adept 4 plc reported continued progress in the year to 30 September 2017, with trading EBITDA of £1.2 million

· Board remains confident of driving shareholder value from existing portfolio and new business relationships

1 represents unaudited valuation based on closing mid-market prices of quoted investments and IFRS valuation of warrants at 28 February 2018 with privately held assets valued at input cost or the latest fundraising valuation, plus outstanding loan capital

2 Trading EBITDA represents earnings before net finance costs, tax, depreciation and amortisation, non-recurring items, share-based payments and realised and unrealised movements in the fair value of investments

Peter Rigg, MXC Capital Limited Chairman, commented: “The results for the six months show progress with the majority of our existing investments and with both our joint venture with Liberty Global and our role with the technology fund in Guernsey. The Board remains confident that MXC will deliver good returns for shareholders, both from the existing portfolio and from these two exciting new business relationships.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Share on facebook
    Facebook
    Share on twitter
    Twitter
    Share on linkedin
    LinkedIn
    MXC CAPITAL LIMITED ORD NPV

    More articles like this

    MXC CAPITAL LIMITED ORD NPV

    Microsoft 365 vs. Office 365: What’s the difference?

    Microsoft introduced Microsoft 365 last year, a bundle of existing products under one license, geared towards businesses. The name is similar to the already existing Office 365, which has caused no end of confusion to the end user.

    MXC CAPITAL LIMITED ORD NPV

    Delivering transformation and value

    The pressures on the energy sector has never been greater, as suppliers look to increase their share of the £50bn spent annually on energy by British households and businesses, whilst juggling the challenges of delivering on the obligations

    MXC CAPITAL LIMITED ORD NPV

    Investment and employment boom for UK tech sector

    Tech Nation, the growth platform for tech companies and leaders, has today announced the release of its annual Tech Nation Report. The report provides a comprehensive overview of the evolution of the UK’s tech ecosystem, exploring the drivers that

    MXC CAPITAL LIMITED ORD NPV

    UK tech investment reaches record levels beyond London

    UK technology investment reached record levels last year and it is not just flowing to London. Analysis by entrepreneur network Tech Nation found investment in UK firms in the sector increased by more than 44 per cent in

    MXC CAPITAL LIMITED ORD NPV

    Remote Access Solutions: Plan to Protect

    ‘Plan for the Worst, and Work for the Best’* At IDE Group, we partner with you and support your business 24/7, 365 days a year. From on-site IT services, to remote access solutions we have successfully been supporting

    MXC CAPITAL LIMITED ORD NPV

    Huawei’s solution for streamlining data centre construction

    Huawei has released its Intelligent Data Center Service Solution to support the design, build and operation of high-reliability (Tier-4), green and intelligent data centres.  The solution applies artificial intelligence to reduce power usage effectiveness (PUE) by 8%-15%。  As

    MXC CAPITAL LIMITED ORD NPV

    Investors splash the cash on British fintech startups

    Global investors poured money into the UK’s fintech sector last year, almost doubling the amount invested here between 2018 and 2019 — despite the rest of the world suffering a slight downturn in funding. British fintech companies attracted

    MXC CAPITAL LIMITED ORD NPV

    Staying ahead in the UK’s race for tech talent

    It’s no secret that the UK is undergoing serious change, especially as the Brexit deadline edges ever closer. But while the impact of these changes is being felt across the nation, so far it’s done little to impede