INVESTMENT firm Braveheart yesterday said long-serving chief executive Geoffrey Thomson had stepped down from his role as the firm announced losses of more than £760,000 in its latest financial year.
Thomson, who was one of the founders of the Perth-based business, has served as chief executive for the past 18 years. He will be replaced by fellow director Trevor Brown as chief executive on an interim basis.
Thomson is the third senior director to leave the investment group in recent months after chief financial officer Aileen Brown and chief investment officer Carolyn Smith both left the business following a restructuring which saw ongoing overheads reduced by £340,000 a year.
In its financial results for the year to 31 March, the company suffered a full-year loss from total operations of £768,000 compared to a loss of £808,000 in the previous year.
Revenues for the year fell to £1.86m, down from £2.04m, which Braveheart said reflected lower fees on funds under management.
During the year the company sold one of its portfolio companies, realising £414,000 for the company and £2m for its investor clients,
Chairman Jeremy Delmar-Morgan said: “The group will continue to focus on growing the funds under management and achieving realisations from the portfolio to enhance earnings per share.
“The economic climate has improved and with a stronger UK government in place I think we can look forward to a period of growth.”
Braveheart said its balance sheet remained strong relative to its market capitalisation, with net assets of £3.38m and net cash of approximately £460,000, up from £116,000 last year.