BRAVEHEART Investment Group has seen losses more than double in the six months ended September 30 as it continues to build up its fund management activities.

The Perth-based company booked a pre-tax loss of £88,000 for the period, compared with a £40,000 loss at the same stage last year.

It came as the AIM-listed group reported good progress on the exit potential of its investment portfolio.

Braveheart, which manages £121 million under a variety of funds, provides funding for small and medium-sized enterprises, and invests on behalf of high net-worth individuals, has more than 100 investments across various portfolios which it is actively looking to maximise returns from.

"This work continues and the portfolio is now increasingly mature with a corresponding interest from potential acquirers," chief executive Geoffrey Thomson and chairman Jeremy Delmar-Morgan state in the half-year report.

"Timing is never certain but we do anticipate good returns for shareholders as and when realisations occur."

Braveheart, which saw first half revenue narrow to £922,000 from £994,000, highlighted the progress it has made with the Crowdcube Venture Fund. It said 91 investors have signed up to the fund, a partnership with crowdfunding platform Crowdcube, which recently launched its first four investments. Those include one in Crowdcube, whose recently opened office in Edinburgh was its first in Scotland.

The fund is designed to allow passive investors the chance to back new ventures that have been screened by professional fund managers.

Since year end, Braveheart and Crowdcube have been jointly appointed partners of the £25m London Co-Investment Fund. Braveheart expects to invest in 36 young companies over three years.

The Perth-based company booked a pre-tax loss of £88,000 for the period, compared with a £40,000 loss at the same stage last year.

It came as the AIM-listed group reported good progress on the exit potential of its investment portfolio.

Braveheart, which manages £121 million under a variety of funds, provides funding for small and medium-sized enterprises, and invests on behalf of high net worth individuals, has more than 100 investments across various portfolios which it is actively looking to maximise returns from.

"This work continues and the portfolio is now increasingly mature with a corresponding interest from potential acquirers," chief executive Geoffrey Thomson and chairman Jeremy Delmar-Morgan stated in the half-year report.

"Timing is never certain but we do anticipate good returns for shareholders as and when realisations occur."

Braveheart, which saw first half revenue narrow to £922,000 from £994,000, highlighted the progress it has made with the Crowdcube Venture Fund.

It said 91 investors have signed up to the fund, a partnership with crowdfunding platform Crowdcube, which recently launched its first four investments. Those include one in Crowdcube, whose recently opened office in Edinburgh was its first in Scotland.

The fund is designed to allow passive investors the chance to back new ventures that have been screened by professional fund managers.

Since year end, Braveheart and Crowdcube have been jointly appointed partners of the £25m London Co-Investment Fund.

Under that agreement Crowdcube will source seed stage technology companies in the London area, and Braveheart will provide fund management services for the LCIF monies alongside funding raised from the crowd.