Braveheart doubles profits as Scottish presence ends

The AIM-listed fund manager, which was until recently headquartered in Perth but is now run from Yorkshire, reported pre-tax profits for the year of £1.49m, up from £0.78m the previous year, while its cash at bank stood at £1.13m, from £1.42m the year before.

The profit figure includes an accounting gain of £1.15m on the value of investments in firms.

The group added that its portfolio had a valuation at the end of its financial year of £2.22m, up from £862,000 the year before, owing to “considerable operational progress” in its strategic investment and a recent revaluation of its portfolio.

Braveheart cut operating costs to £482,000 last year, from £825,000.

In its outlook, the firm said it would continue to develop its strategic investments while seeking to engage third-party investors should any further capital be required.

The results are a vindication of a trading update issued in April when the group said following a revaluation of its investments by an externally commissioned valuer, it expected to report a substantial increase in the value of its investment portfolio, primarily in its investments in Paraytec Limited and Kirkstall Limited.

The company moved out of its Perth office in December.

The only person working in that office resigned to take up a job elsewhere. It moved its registration to the Glasgow office of a law firm.