Mercia has outperformed on both fundraising and internal efficiency. Fundraising performance was strong in Q4 and we estimate that it has now broken the £2bn milestone. During the year there has been a continued drive for efficiency, both operationally and financially. Efficiency has driven outperformance for FY25e with the outturn now expected to be “materially ahead of market expectations” driving us to increase FY25e EBITDA by 22%. We do not yet make changes to outer year forecasts, deferring ....
