Braveheart creeps back into black

INVESTMENT management outfit Braveheart is on the verge of completing two deals, each of which will bring in “six-figure cash receipts” for the Perth-based company.

Chief executive Geoffrey Thomson said the Aim-quoted firm is at an “advanced stage” with both capital transactions.

Thomson’s comments came as Braveheart edged back into the black following a 139 per cent rise in investment management income and consultancy fees to £3 million. The group posted a “modest” pre-tax profit of £68,000 in the year to 31 March, compared with a £1.7m loss for the previous 12 months.

Operating losses narrowed to £238,000 from £1.5m, with a £254,000 unrealised gain from the revaluation of the firm’s portfolio investments pushing it to a bottom-line profit.

Chief executive Geoffrey Thomson said: “The year saw a good strong increase in turnover and a modest profit. We are particularly pleased with the fund management side of the business and the prospects in our investment portfolio.”

Chairman Jeremy Delmar-Morgan added: “It’s very pleasing to see the progress achieved in the year. The directors are focussed on growing the fund management business further.”

Braveheart hailed a “strong start from its newly-established WhiteRock Capital Partners subsidiary in Belfast and the performance of its fund management operations in Yorkshire following a reorganisation.

Its Strathtay Venture unit has also been appointed to run the £10m Lachesis fund, a seed fund for universities in the East Midlands.