23rd Jun 2016 08:51
LONDON (Alliance News) - Braveheart Investment Group PLC Thursday reported a widened pretax loss for its recently ended financial year, and said it is now focused on ensuring positive earnings in its current year as it a reorganisation and restructuring.
For the year to end-March the company reported a pretax loss of GBP1.7 million, widened from a pretax loss of GBP768,000 the year before, as it saw lower investment management revenue of GBP1.1 million, down from GBP1.9 million the year before, and reported a GBP944,000 hit from a change in the fair value of its investments.
It had net assets per share as at the end of March of 6.30 pence, down from 12.52p.
Braveheart said it had taken the "difficult decision" to scale back, sell or close parts of the review it identified as unlikely to become profitable in the near future, or that would require a significant investment. It has sold its 33% stake in Whiterock Capital Partners, exited from its investment partner participation with SEEDRS Ltd, and closed its Strathay private client business.
It reviewed the exit opportunities for each of its investments, and adjusted the valuation of some of its portfolio, leading to a total reduction in value of GBP1.0 million.
Braveheart said its cash at the year end was GBP1.3 million, increased from GBP503,000 at the same time the year before.
Shares in Braveheart Investment were untraded Thursday, having last traded at 7.30 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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