The Perth-based group, listed on the Alternative Investment Market, suffered a reverse in the revaluation of its unrealised investments, from a £192,000 gain a year ago to a £329,000 loss, but chalked up its first realised gain funded by proceeds of an IPO, amounting to £168,000.
Net assets were down from £5.9m to £5.1m, or 42.64p a share to 35.83p, in the six months to September 30. Fee income rose by 35% to £329,000 compared with the previous year, and operating costs were cut by 9% to £761,000.
The group raised further funding, in the form of equity or convertible loans by the group and its clients, for one new and seven existing portfolio companies.
Cash balances at the period end were at £1.3m, down from £2.2m.
Three months ago in an all-share deal worth £2.5m Braveheart snapped up London-based Envestors, a network of over 400 angel investors which in three years has helped more than 60 high-growth firms raise over £22m. The group said the tie-up could allow Braveheart to raise funding for spin-outs from Scottish universities in the UAE, and provide it with a greater flow of deals for the investors already on its books.
The enlarged group now has offices in Perth, Yorkshire, London and Jersey, with franchise operations in Manchester and Dubai, and offers three service levels – for business angels, high net worth and family office investors.
Geoffrey Thomson, chief executive, commented: “We are delighted with the diversified product offerings and market positioning of the enlarged group. We were also pleased to announce the first realisation of an investment from our IPO proceeds. Other realisations will follow in due course.”
The shares fell 1p to 21.5p.
