MXC Capital sees portfolio value fall in H1 of consolidation

Shares in MXC Capital were down more than 8% after it described its first-half as a period of consolidation, and as its portfolio value slipped lower.

"As a result, our investee companies are all well set to pursue their individual growth strategies," said chairman Peter Rigg in a statement.

"Our team continues to evaluate a well-qualified pipeline of further investment opportunities and I'm confident that MXC remains on course to deliver good value to shareholders."

At 28 February, MXC Capital's portfolio comprised six quoted investments and six private investments, together worth £53.0m, from £64.4m at 31 August 2016.

"While additional investments were made during the period the company experienced a fall in the value of its portfolio principally related to the diminution in value of options in Redcentric plc and negative share price movements on other quoted investments," said Rigg.

"This fall has been partially offset by movements in the value of the portfolio post period end," he added. MXC Capital has now jetisoned all its Redcentric shares, realising a total gain of £3.3m.

It presently has £11.0m of net funding available for for investment following the Redcentric shares disposal.

For the six months, MXC Capital posted a trading EBITDA loss of £0.9m on a consolidated basis, from a profit of £0.5m a year earlier.

At 13:45 GMT, shares in AIM-quoted MXC Capital were down 8.22% to 1.68p each.