Mercia Asset Management PLC - regionally focused specialist asset manager – Assets under management end March 31 at £959.2 million versus £939.9 million at the same point a year prior. Third-party funds under management slip to around £758 million from £764 million.

Annual pretax profit falls to £27.4 million from £34.0 million, and revenue slips to £23.2 million from £23.4 million.

Declares final dividend of 0.5 pence, giving a total dividend of 0.8p, rising from 0.4p a year earlier.

‘Given the strength of Mercia’s business model and its excellent cash position, the board’s objective remains to maintain this progressive policy,’ it says.

Chief Executive Mark Payton adds: ‘I am pleased to share a set of results that showcase the strength and maturity of Mercia and its business model. The significant success that we have seen during the last two financial years, and our positive future prospects, have been made possible by the combined efforts of everyone connected with Mercia.’

Current stock price: 30.00 pence, up 4.4% on Tuesday

12-month change: down 18%

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