Investment group turnaround
Refocus puts Braveheart back in profit
Braveheart Investment Group has seen a turnaround in fortunes, partly due to the sale of one of its portfolio companies.
Revenue at the Scottish firm hit £1.154 million generating a profit after tax of £780,000 and earnings per share of 2.88p against a loss last time of almost £1.7m.
The board has been firmly focussed on investing shareholder funds where it believes the prospects for growth are “outstanding”
It has made further investments in Paraytec and Kirkstall and a new strategic investment in Gyrometric.
It sold it holdings in mLED to a large US based technology company, generating £399,000 for the group, with £73,000 held back in escrow, and resulted in a book profit to the group of £303,000 of which £33,000 relates to a non-controlling interest.
Chief executive Trevor Brown said: “All enterprises are now entering exciting periods of expansion and we look forward to updating shareholders as events unfold.
“It is likely that headline revenue will decline in the first half of next year on a relative basis due to the exceptional nature of some of the revenue and realisation gains made this year, but we expect to report a continuing improvement in overall shareholder value.”
· Profit of £780,000;
· Basic earnings per share of 2.88 pence;
· Revenue of £1,154,000;
· Cash at bank of £1,421,000 as at 31 March 2017;
· Continuation of investment strategy with further investment in Kirkstall Ltd and Paraytec Ltd and the purchase of a 40% holding in Gyrometric Systems Ltd