MXC Capital's FY pretax profit more than halved

MXC Capital's FY pretax profit has been more than halved to £4.53m, from a restated profit of £14.97m.

"This has been a year of crossover in our portfolio, which included the realisation of a maturing investment, capital distributions to shareholders and substantial investment in fresh opportunities," said chair Peter Rigg.

"As a result, our one year growth in NAV per share slowed to 11% compared with 34% for the previous year. The growth in our NAV per share over the two years was 49%.

"I am pleased to report that we have a healthy pipeline of opportunities which will allow us to continue to drive the growth of our investee companies, as well as provide us with completely new investment prospects to consider.

"Whilst the economic and political background remains somewhat uncertain, I am confident that the MXC team will continue to prosper in its area of focus, technology. I remain confident in our future prospects and am grateful for the continuing support of our shareholders."

HIGHLIGHTS:

- Underlying trading EBITDA of £3.1 million (2015: £1.0 million), £1.2 million (2015: £0.3 million) on a consolidated basis

- Growth in NAV per share over the year of 11% (2015: 34%); over two years of 49%

- NAV per share growth reflects balance between recent and mature investments in portfolio

- Gross revenues from Capital Markets and Advisory businesses for the year of £6.2 million, £4.6 million on a consolidated basis (2015: £2.1 million)

- Net assets of £80.7 million as at 31 August 2016 (31 August 2015: £49.9 million)

- £31.5 million of investments and loans made during the year across six businesses; portfolio now eleven investments, six of which are quoted

- £3.8 million of capital returns to shareholders announced during the year.