Braveheart returns to the black

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Fund manager Braveheart Investment returned to profit during the first half of the year after its fee-based revenues more than doubled.

The Perth-based group posted a pre-tax profit of £67,000 for the six months to 30 September, compared with an £842,000 loss a year earlier, as fee-based revenues soared 119 per cent to £1.36 million.

Braveheart, which made its name as an “angel investor” specialising in Scottish technology start-ups and university spin-off companies, said it was well placed to pick up more business in the SME sector, which it described as the “engine room” of the UK economy.

The firm said: “Economic conditions since 2008 have reminded everyone of the vital role of growth companies in this country’s continued prosperity. Early involvement in well-chosen growth companies can provide substantial rewards for investors.

“Through its core business and subsidiaries, and a growing range of financing options, Braveheart is an increasingly active provider of funding to this sector of the market.”