b'Mercia asset Management PLc51Annual Report and Accounts 2021net assetsNet assets at the year end were 176,021,000 (2020: 141,460,000), resulting in net assets per share of 40.0 pence (being net assets of 176,021,000 divided by 440,109,707 shares in issue) (2020: 32.1 pence, being net assets of 141,460,000 divided by 440,109,707 shares in issue).outlookIt has been a year of many financial twists and turns for Mercia. These record results are a credit to everyone involved in the activities of the Group and just reward for our many patient and loyal shareholders. The Groups second-half momentum and profitable trading has continued into the first few months of the new financial year.Venture investing does take time to produce positive results, but the three profitable cash exits from the direct investment portfolio during the year to 31 March 2021 demonstrate the potential for continuing incremental shareholder value creation. Taken together, the Groups growing trading profitability and positive operating net cash inflow underpin our recently established progressive dividend policy.Notwithstanding the worrying times for everyone during the past year, these results show that it is now an exciting period for all Mercia stakeholders.Strategic reportMartin glanfieldChief Financial Officer Governance Financial statements'