LONDON (Alliance News) - Braveheart Investment Group PLC said Tuesday its interim profit decreased as operating costs surged.
Shares in Braveheart were trading trading down 5.3% at 16.58 pence each after the news.
For the six months to the end of September, the fund management company posted pretax profit of GBP113,000, down from GBP191,000 a year prior.
Operating costs for the period were GBP395,000, almost doubling from GBP207,000 a year ago.
"This increase in costs is partially as a result of the previous period operating costs including the reversal of a number of historic accruals in the accounts which had proved to not be required," Braveheart explained.
Meanwhile, revenue dipped to GBP257,425 from GBP388,848. However, Braveheart benefited from a change in fair value of investments, which jumped to GBP249,544 from GBP8,582 a year ago, taking the firm's total income to GBP509,181, up from GBP397,481.
The fair value of the company's portfolio rose to GBP2.5 million from GBP1.0 million reported in the prior year. During the recent period, the company made no disposals from its portfolio.
Looking ahead, Braveheart Investment said it is currently at a "pivotal time" as it continues to be excited by the growing prospects of its investments in Kirkstall, Paraytec and Gyrometric.
Braveheart Inv (BRH)