New Investment Director for Mercia

MERCIA Technologies, the Warwickshire-based fund manager specialising in start-up technology firms, has announced the appointment of Peter Dines as its Investment Director (Life Sciences).
 
Based in the Midlands and a highly successful entrepreneur and investor, Dines brings 20 years’ experience in the healthcare sector, holding directorships across a wide range of life sciences businesses.
 
He has been involved with a number of high profile, successful investments and exits within the sector including Surgi-C where, as managing director, sales quadrupled within three years and the business was subsequently sold to Living Bridge (formerly ISIS Equity Partners).
 
Other key healthcare positions held, both previously and currently, include Bridges Ventures, Cisiv, Diagnostic World, Spring Active and Newtech Ortho.
 
Mark Payton, CEO of Mercia Technologies, said: “We are delighted to welcome Peter to Mercia.  Peter is highly regarded for his track record in sourcing and rapidly growing value through hands-on management in businesses within the medtech and life sciences sector.
 
“Peter joins the three other sector-specific investment directors who lead our investment activity across Digital; Electronics and Hardware; and Advanced Materials, Engineering and Specialised Manufacturing.
 
“His remit across the Life Sciences sector will be specifically on medtech, contract services and diagnostics.”
 

Big contract win for defence supplier Ultra

DEFENCE supplier Ultra Electronics has announced that its Sonar Systems business has won a £18m contract to supply sonobuoys for the Royal Navy’s Merlin maritime patrol helicopter. The contract will be executed over the next two years with options for a further two years.
 
The contract, between Ultra and the MoD, for sonobuoy engineering, manufacture, logistics and support, ensures the Royal Navy maintains a persistent Anti-Submarine Warfare surveillance capability against hostile submarines. It also allows Ultra to support future Merlin technology capability insertion and international collaboration.
 
Rakesh Sharma, Chief Executive of Ultra, said: “I am very pleased that Ultra has been awarded the Sonobuoy Capability contract. This is a significant opportunity which demonstrates Ultra’s continuing ability to supply and support cutting edge, affordable and value for money solutions to the Royal Navy. We look forward to working with the DE&S team on this programme.”

The contract secures and safeguards the Ultra sites in Greenford, Middlesex and Dartmouth, Canada.

Security group Synectics sets for dates for its annual results

WARWICKSHIRE-based security and surveillance group, Synectics has said it intends announcing its final results for the year ended November 30, 2014 on Tuesday March 10, 2015.

The Studley company has already said it intends to shed 10% of its UK-based workforce after seeing full-year revenues plunge more than 20%.

In a market update in December, the firm blamed a slowdown in the oil and gas sector, delays in the introduction of a new project, and disruption from a factory move for its decline.