15th Oct 2024 11:42
(Alliance News) - Braveheart Investment Group PLC on Tuesday said it has reached profitability in the first six months of its 2024 financial year, as it returns to a positive fair value of investments.
The Dodworth, England-based investment company swung to a pretax profit of GBP43,000 during the six months ended September 30, from a loss of GBP732,000 year-on-year. This was due primarily to the change in fair value of investments, as it swung to GBP430,575 from negative GBP651,444 the year before.
Operating costs also fell 21% to GBP329,957 from GBP415,358 the year prior.
However, net asset value plummeted 64% to GBP3.5 million from GBP9.8 million the previous year, whilst net asset value per share dropped 65% to 5.42 pence each from 15.42p.
"We have implemented efficiencies and continued to cut costs, including board fees, resulting in annual fixed costs being reduced by around 20%," Chief Executive Officer Trevor Brown said. "Work will continue to improve the value of our investments and to seek opportunities for enhancing shareholder value."
Shares in Braveheart Investment were up 5.7% at 3.70 pence each in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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