Aston EyeTech secures multi-million pound contract

RNS Number : 0401B

Mercia Technologies PLC

18 September 2018

 

RNS Reach

18 September 2018

Mercia Technologies PLC

("Mercia")

Aston EyeTech secures a significant multi-million pound contract

Mercia Technologies PLC (AIM: MERC), the national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high-growth potential from the UK regions, is pleased to announce that Aston EyeTech Limited ("Aston EyeTech") has secured a multi-million pound product design, development and manufacturing contract with one of the largest, most successful and fastest growing optical retailers in the world.

Aston EyeTech is revolutionising the eyecare industry through increased portability, wider accessibility, lower costs and better user experiences. The company marries game-changing ophthalmic hardware with its proprietary AI software platforms to provide leading edge technology solutions in the optical space.

Mercia, which holds an 18.7% direct equity stake in the business and has worked with Aston EyeTech since 2013, initially invested via its third-party managed funds before making its first direct investment in November 2017. In addition to this major contract win, over the last 12 months the business has launched its new EYOTO™ brand of power-mapping lens visualizers.

Dr Mark Payton, Chief Executive Officer of Mercia Technologies, said: "Aston EyeTech is another good example of our promising direct investment portfolio, many of which are now in revenue growth. I expect more positive developments from this business and a number of our other direct investments in the near to medium term, as the portfolio continues to mature."

For further information, please contact:

Mercia Technologies PLC	[phone]
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.merciatech.co.uk
Cenkos Securities plc	[phone]
Stephen Keys (NOMAD and Joint Broker)
Canaccord Genuity Limited	[phone]
Simon Bridges, Emma Gabriel (Joint Broker)
Buchanan	[phone]
Bobby Morse, Chris Lane, Stephanie Watson
www.buchanan.uk.com

About Mercia Technologies PLC

Mercia is a national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions. Mercia benefits from 19 university partnerships and offices across the Midlands, the North of England and Scotland providing it with access to high quality, regional deal flow. Mercia Technologies PLC is quoted on AIM with the epic "MERC".

Mercia's 'Complete Capital Solution' initially nurtures businesses via its third-party funds (now with circa £400million under management) and then over time Mercia can provide further funding to its 'Emerging Stars' by deploying direct investment follow-on capital from its own balance sheet. Since its IPO in December 2014, Mercia has invested over £63million directly across its portfolio of 'Emerging Stars'.

 

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