b'wwwwOur portfolio continuedBalance sheetAward-winningVRAn award-winning virtual reality (VR) content developer notably winningVR Game of Show at E3. Real progress When we decided to partner with Mercia During the past 12 months the company hasback in 2014 we couldnt have chosen a secured two major contracts with leadingbetter partner to support us and help us global games companies. Revenues grew byscale, as VR moved from being a great idea over 100% with gross profit up by 1.0millionwith huge potential to a fast-growing in the same period. The company continues toentertainment sector with tens of millions scale rapidly with more than 100 people nowof active users. Major milestones in VR are working at nDreams. In addition, nDreamsbeing achieved monthlyfrom VR games Phantom: Covert Ops, launched on 25 Junetopping the all-formats games charts, to 2020 on the Oculus Rift and Quest. the first VR game selling over two million units. Mercia has been there every day, providing sage advice, supporting us during the tougher moments and helping us achieve the ambitious goals towards which we are all working. Phantom: Covert Ops is a great demonstration ofthe quality team that we are building at nDreams, and that simply wouldnt have been possible without the phenomenal support of Mercia.Patrick OLuanaighFounder & CEO, nDreams.36 Mercia Asset Management PLC Annual Report and Accounts 2020'