Mercia Asset Management PLC - Regionally focussed specialist asset manager - Net assets rise by 1.1% to GBP202.9 million at March 31 financial year-end, from GBP200.6 million 12 months earlier. Net assets per share drop by 0.4% to 45.4 pence from 45.6p the prior year. Mercia had around 6.5 million more shares in issue at the end of March than a year prior. The company's assets under management increase by 46% to GBP1.4 billion from GBP959.2 million in the same period the year before. Says its pretax profit for its year ended March 31 falls to GBP2.4 million from GBP27.4 million. Revenue up 12% to GBP25.9 million from GBP23.2 million. However, the fair value movements in direct investments fell to GBP1.2 million from GBP11.4 million.

Declares a final dividend of 0.53 pence per share, up 6.0% from 0.50p per share the year before.

The company says that it has set an "ambitious target" of increasing its capital deployment to a record level of GBP250 million in its net financial year.

Chief Executive Officer Mark Payton said: "Despite a year of caution for many in our sector, we have increased our levels of capital deployment, completed a successful acquisition and achieved positive fund inflows, with total assets under management growing by around 50%."

Current stock price: 25.70 pence, up 3.2%

12-month change: down 11%

By Will Neill, Alliance News reporter

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