(Alliance News) - Braveheart Investment Group PLC said on Thursday that it sunk to an annual loss due to a fall in revenue and goodwill impairment charges.
Shares in the company were down 15% at 11.25 pence each in London on Thursday afternoon.
In the financial year ended March 31, the fund management company made a pretax loss of GBP1.7 million after it made a profit of GBP1.5 million in 2018.
The impairment fees, connected to goodwill on the acquisitions of Paraytec Ltd and Kirkstall Ltd, totalled GBP 1.5 million. Braveheart said GBP571,137 was related to Paraytec and GBP944,409 to Kirkstall.
The company's revenue fell 30% year-on-year to GBP574,000 from GBP820,000 with its portfolio value tumbling 67% to GBP736,000 from GBP2.2 million. Including two companies that Braveheart has consolidated into its accounts, however, portfolio value at the year-end was GBP1.0 million.
The company is proposing a maiden dividend of 0.5 pence per share for the financial year.
Looking ahead, Braveheart said it will focus on developing its six strategic investment businesses, and for each of these investments, it is hoping to achieve a "single transformational event". Some of these events could include securing a large sales contract or the development of a new product.
Aside from Paraytec and Kirkstall, Braveheart's four other strategic investments are Phasefocus Holdings Ltd, Sentinel Medical Ltd, Gyrometric Systems Ltd and Pharm2Farm Ltd.