MURRAY Capital Limited, the Edinburgh-based investment company, has narrowed pre-tax losses to £691,585 in its latest financial year - 12 months after a hefty exceptional charge led to a £6.3 million loss.
The shift in the company's fortunes in 2013 came a year after it waived a £5.1 million loan to a subsidiary as part of a restructuring exercise, which accounted for the bulk of the loss in 2012.
New accounts for Murray Capital, headed by David Murray junior, son of former Rangers owner Sir David Murray, show operating losses were cut to £1.15 m in the 12 months to December 31.
This compares with an underlying operating loss of £1.48m the year before.
The accounts show investment income, which the company derives from a range of asset classes, fell slightly to £589,552, down from £597,814 the year prior.
After taking interest and other charges of £133,282 into account, the firm made a loss for the year of £691,585.
According to the accounts, Murray Capital Limited, a subsidiary of Murray Capital Group, saw turnover increase to £312,670 from £227,691.
The company's portfolio includes Murray Estates, which it acquired from Murray International Holdings after its year end in February. The £13.9 million deal underlined the shift of Sir David Murray's business empire to family interests.
Murray Capital Limited's latest accounts state the average monthly number of staff it employed last year was unchanged at six, with staff costs rising to £990,715 from £865,243. Directors' pay rose to £431,975, up from £374,750 in 2012, with the highest paid receiving £241,450, up from £216,000.
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