BRAVEHEART Investment Group doubled profits in the latest year during which it closed its Perth office amid cost cutting moves.

The investment business, which was formed in Scotland but is now run from Yorkshire, made £1.5 million profit before tax in the year to 31 March against £780,000 in the preceding 12 months.

The profit figure includes an accounting gain of £1.15m on the value of investments in firms.

Aim-listed Braveheart said the major part of the increase in valuation related to the revaluation of three strategic investments in English technology firms, Paraytec, Kirkstall and Gyrometric Systems.

Chief executive Trevor Brown said the three investments had made strong progress.

Braveheart’s portfolio includes investments made when the firm was run from Perth by Geoffrey Thomson, who stepped down in August 2015 after 18 years in charge. These include a stake in Edinburgh-based technology firm Pyreos.

Braveheart cut operating costs to £482,000 last year, from £825,000.

The company moved out of its Perth office in December. The only person working in that office resigned to take up a job elsewhere. It moved its registration to the Glasgow office of a law firm.

Braveheart earned £820,000 investment management income, compared with £1,154,000 last time. The fund management business performed in line with management’s expectations. The key management contracts are for the Finance Yorkshire Equity, Lachesis and Viking funds.

“Prospects for the launch of new funds are improving as discussions with potential partners continue,” said Mr Brown.