Braveheart’s profits rise after Perth exit

Braveheart Investment Group, which switched its headquarters from Perth to South Yorkshire last year, has reported a jump in profits.

The AIM-listed fund manager and investment group announced it had quit the Fair City in January after its Scottish activity “diminished”.

The firm announced yesterday its pre-tax profits for the year ending on March 31 had risen to £1.5 million from £780,000 last year.

Braveheart’s net assets stood at £4m at the end of the year, up from £2.5m 12 months earlier.

The company’s portfolio, which includes Braveheart’s three strategic investments in Gyrometric Systems, Paraytec and Kirkstall, stood at £2.2m. Cash held was £1.1m.

Chief executive Trevor Brown said: “Our ongoing fund management business continues to meet its targets and prospects for the launch of new funds are improving as discussions with potential partners continue.

“The major part of the increase in valuation since 31 March 2017 is derived from the revaluation of the strategic investments which have hitherto been shown at the cost of our investment two years ago.

“For the next year, our attention and resources will continue to be focused upon developing our three strategic investments where we now have significant commercial exposure, together with the pursuit of the new fund management opportunities arising out of established relationships with existing partners and clients.”

Braveheart’s share price fell by 0.50p to close at 18.50p.

Prospects for the launch of new funds are improving. TREVOR BROWN, CEO, BRAVEHEART INVESTMENT GROUP