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LONDON (Alliance News) - Braveheart Investment Group PLC Tuesday said it swung to a pretax profit, following a near-tripling of fee-based revenue.
Braveheart said it made a pretax profit of GBP68,000 for the full-year ended March 31, compared with a pretax loss of GBP1.7 million for the same period last year.
The improved result was largely a result of fee-based income increasing up to GBP3 million this year from GBP1.3 million the year before.
"I believe the results show our strategy to grow the asset management and fee income side of our business is working, and it is pleasing to see a level of profit, albeit modest, now coming through. Going forward our strategy remains the same and we are looking at organic growth opportunities in addition to M&A opportunities where we can acquire assets at appropriate prices," Geoffrey Thomson, chief executive, said in a statement.
"Finally I am happy to report that the group is currently progressing two capital transactions, both of which are at an advanced stage. If completed, each of these transactions is expected to generate six-figure cash receipts," he added
Braveheart shares were quoted Tuesday at 12.50 pence per share, up 4.2%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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