b'Strategic report Governance Financial statementsA year of considerable positive operational change and progressNotwithstanding the arrival of COVID-19 and its near-term impact on UK businesses, including many of those companies makingNet revenuesup the Groups direct investment portfolio,0.1mthe year to 31 March 2020 has been one of considerable positive operational change2019: 1.4m net expensesand progress for Mercia Asset Management PLC, not least in its transition from annualNet assetsnet expenses to net revenues one year141.5mahead of plan.2019: 126.1mAlso notable amongst these positive changes were the successful 30.0millionUnrestricted cashplacing and the acquisition of the venture30.2mcapital trust (VCT) fund management business of NVM Private Equity LLP (NVM)2019: 29.8min December 2019.Mercia Asset Management PLC 47Annual Report and Accounts 2020'