Braveheart H1 losses widen

Scotland-focused investment group Braveheart said pre-tax losses widened as difficult conditions continue.For the six months ended 30 September 2009 the group made a pre-tax loss of £415,000 compared with a loss of £391,000 the year before. Revenue for the period rose to £244,000 from £219,000. Chief executive Geoffrey Thomson said, "While conditions continued to be difficult during the period, with core client investment and associated fee levels remaining depressed, Braveheart has actively pursued its strategy of measured expansion counterbalanced by strict asset, cost and cash management."It added that while stock markets have risen sharply in recent months and a number of other indicators have appeared to signal the beginnings of economic recovery, recently released data indicates that the UK is behind a number of competitors in emerging from recession.Braveheart said it believes the financial environment in which its operates will remain difficult for some time and that assessment is reflected in its plans.