The growth came after the Perth company acquired Neon Capital Partners, which manages the £48m Finance Yorkshire Equity Fund, and was appointed as the head of consortium to manage the £50m Growth Loan Fund (GLF) in Northern Ireland.
That helped Braveheart increase its investment management and consultancy fee income by 37%, up from £926,000 to £1.265m.
However, total operating costs were up from almost £2m to £2.8m, which led to pre-tax losses widening from £1.3m to £1.7m in the 12 months to March 31, 2012.
Geoffrey Thomson, chief executive, said: "The key thing is since listing Braveheart has typically been an investment company which has invested its own balance sheet funds.
"What we have sought to do over the past three years is move the business away from that to managing other people's money over the long term."
Braveheart's investment portfolio includes Scots companies such as Glasgow contract research firm Biopta, Stirling gas sensor business Cascade Technologies and Livingston lighting technology operation Design LED Products.
Mr Thomson said the contracts in Yorkshire and Northern Ireland gave Braveheart 10 years of revenue projection and would help to improve the financial results.
He said: "We would like to win more of these mandates. The demand in Northern Ireland is phenomenal and we have had more than 100 good quality enquiries already.
"We are sitting on our portfolio which will come good in time but we have changed the business model which we needed to do in the current climate.
"We have these companies that are now beginning to mature and are looking for big exits from as and when that is appropriate."
Mr Thomson confirmed much of the contact in Northern Ireland has come from well established SME businesses rather than high growth technology firms.
He believes this is because smaller businesses are still facing difficulties getting money from banks.
He said: "I think the penny has dropped with the Government that trying to push banks into lending to SMEs isn't going to work. Money for SMEs has to be forthcoming from different places, which means giving money to other intermediaries such as ourselves to manage.
"That sort of avenue should bring the country out of depression a bit and get SMEs moving again but it is jolly tough.
"A lot of banks will presumably say there is not a demand for lending. There is a demand but a lot of SMEs are not going to banks because they know what the answer is going to be. We are not seeking to compete with banks as our money is more expensive.
"There are SMEs which want to grow. It is more traditional businesses with a slower growth pattern that would have normally used bank loans and overdrafts."
While Braveheart is mainly looking at England and Wales for further organic growth and acquisitions, Mr Thomson says a model like the Northern Ireland fund – which is for companies looking to borrow between £50,000 and £500,000 – could have success in Scotland. He said: "A lot of stuff in the market is for much bigger ticket stuff so I think there would be demand for a scheme like that in Scotland."
Mr Thomson said Braveheart's headquarters will stay in Perth and he hopes to add to the seven staff there after a small number of redundancies in February.
