We are encouraged by sustained growth during H1 which has driven adj. operating profit to £3.6m (51% yoy). NAV grew by 10% as underlying growth exceeded cautious valuations. Mercia has acquired private credit manager, FDC, for up to £9.5m cash. It is immediately earnings enhancing with strong strategic rationale, bolstering regional SME credentials. Adding £415m FuM, Mercia is within touching distance of “20:20” strategic goals ahead of time. We leave forecasts largely unchanged. VCT income is l ....