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LONDON (Alliance News) - Braveheart Investment Group PLC on Monday said its profit grew in the most recently ended financial year as it gained on change in fair value of investments.
The fund management company said pretax profit nearly doubled in the year to the end of March to GBP1.5 million from GBP779,528 the year before, as total costs dropped to GBP486,053 from GBP829,101.
Revenue dipped year-on-year to GBP820,062 from GBP1.2 million. However, Braveheart Investment benefited from change in fair value of investments, which jumped to GBP1.2 million from GBP183,4785.
Portfolio value also rose to GBP2.2 million from GBP862,000 reported the prior year. The major part of the increase in valuation is derived from the revaluation of the strategic investments, the company said. During the year the company made investments of GBP178,000 into three portfolio companies.
Looking ahead, Braveheart Investment said it intends to continue to be focused upon developing its three strategic investments, Gyrometric Systems Ltd, Paraytec Ltd, and Kirkstall Ltd.
The stock was trading flat on Monday at 19.00 pence per share.