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(Alliance News) - Braveheart Investment Group PLC on Thursday said it swung to a first half loss with its revenue sinking by more than half.
In the six months to September 30, the fund management company reported a pretax loss of GBP122,322. In the first half of last year, it made a pretax profit of GBP113,981.
Revenue fell by 51% year-on-year to GBP250,058 from GBP509,181.
The company explained: "For the first time, the majority of our revenue is from the operations of our consolidated investments and we expect that revenues from these consolidated investments will continue to increase in importance in the future."
The fair value of the company's investments fell sharply year-on-year to GBP688,000 from GBP2.5 million.
Braveheart declared an interim dividend of 0.5 pence per share, it did not propose a first half payout last year.
The firm's portfolio consists of six core investments.
They include Pharm2Farm Ltd, imaging software firm Phasefocus Holdings Ltd, UV detector developers Paraytec Ltd and medical instrument makers Sentinel Medical Ltd. The company also has stakes in biotechnology firm Kirkstall Ltd and drive shaft monitoring business Gyrometric Systems Ltd
Shares in Braveheart were 8.3% lower at 10.55 pence each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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