The frustration of building value in lots of businesses, but not your own

Mercia goes all out with charm offensive and cash to win round the markets

"I am always a person where the glass isn't just half full, it's typically overflowing, said Mercia's chief executive Mark Payton. "So, of course, I'm confident."

Payton has, twice a year for the last 10 years, been on a 7.30am call with his CFO Martin Glanfield and TheBusinessDesk.com to discuss the group's latest financial results.

And for most of those 10 years, through political upheavals and a pandemic, there has been a lot to be optimistic about.

When it went through its IPO in December 2014 it had seven people deploying £2m a year.

Mercia has grown into a private capital asset manager with assets of £2bn being looked after by around 140 people from its 11 regional offices. Last year it deployed £284m, with an average investment size of £2m.

But the one question, asked by journalists and investors, that has been a consistent stone in the shoe is "why is there a disconnect between Mercia's increasing financial performance and the share price?".

For a few years, the answer was a version of "we'd like it to not be there, but we are happy to be patient".

Not anymore...