LONDON (Alliance News) - Braveheart Investment Group PLC Monday said it swung to a GBP807,522 loss in its last financial year from a GBP67,570 profit a year earlier, as it bore the pain of losses on the sale of underperforming corporate finance business Envestors, though the group did record a profit from continuing and discontinued operations in the second-half.
In a results statement for the year ended March 31, Braveheart said that its return to profitability in the second-half was largely due to the Envestors disposal to a management buyout team. The group made a GBP38,000 profit from continuing and discontinued operations in the second-half, after making a GBP845,000 loss in the first.
Chief Executive Geoffrey Thomson said that the group experienced good performance and output from its fund management business in the financial year. He also noted "steady progress" with the group's directly held portfolio and said that market sentiment for realisations is improving.
"The financials show a disappointing first half [...] but we returned to profitability in the second half. The business is now less volatile and current year's trading is more consistent with what we saw in the second half of last year," Thomson said in a statement.
Braveheart shares were Monday untraded at 10.50 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Braveheart Inv (BRH)