7th Mar 2016 11:34
LONDON (Alliance News) - MXC Capital Ltd on Monday said it saw "good progress" in the first half of its financial year, covering the six months ended February 29, with GBP22.6 million invested across five businesses in that time.
Underlying earnings before interest, tax, depreciation and amortisation amounted to GBP1.2 million on a consolidated basis in the half, versus an Ebitda loss of about GBP100,000 in the corresponding half the prior year, MXC said, citing "profitability of capital markets and advisory businesses which advised on six transactions during the period".
The investment bank said its portfolio now consists of x quoted investments and five private investments with a value of GBP76 million, based on closing mid-market prices at the end of the half, with privately held assets valued at input cost or the latest fundraising valuation.
The value of MXC's publicly traded investments rose by 25% in the half, which the company said compared to a 5.0% decline in the AIM technology index during the period.
"The board remains optimistic about the group's prospects. The MXC model is gathering pace, delivering attractive investment returns as we focus on providing the technology sector with growth capital, management support and a range of corporate finance services," Chairman Peter Rigg said.
Shares in MXC were down 2.0% at 3.41 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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