Mercia Asset Management PLC has also reported results for the half-year period.

It said revenue was £17.2m, compared with £17.9m in the prior year. Profit before tax was £2.5m (2024:£2.4m) and net assets £187.1m (£187.4m).

EBITDA was £4.2m, up from £3.7m, an increase of 14%.

Mercia has around £2bn of assets under its management.