PERTH-based Braveheart Investment Group has expressed confidence that it can achieve growth, highlighting its belief that more funding is now available for small and medium-sized enterprises.

Writing in the fund management company's annual results, published yesterday, Braveheart chief executive officer Geoffrey Thomson says: "Over the last year, the financial climate has markedly improved and SMEs are now finding it easier to attract funding. This bodes well for our portfolios and, with more funding in the SME space, we are set to grow our business as the economy continues to improve."

Braveheart announced revenues of £2.044 million for the 12 months to March 31, down marginally from £2.046 million in the previous financial year.

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It posted a bottom-line loss of £807,522 for the year to March, having made a profit of £67,570 at this level in the prior 12 months. This reflected a net loss of £822,950 from discontinued operations, relating to the Envestors corporate finance business which was sold to a management buy-out team on December 13 last year.

Braveheart reported a £15,428 profit from continuing operations for the year to March 31, down from £186,407 in the previous 12 months.

However, Braveheart noted it had made a profit from continuing operations of about £38,000 in the second half of its financial year, having made a loss of around £23,000 in the first six months.

Braveheart recently launched the Crowdcube Venture Fund, and also runs the Growth Loan Fund, which is aimed at SMEs in Northern Ireland.