Braveheart Investment profits fall despite higher revenues

30th Oct 2018 08:17

(Sharecast News) - AIM-listed investment group Braveheart saw profits tumble in the first half of its trading year, as significantly higher costs offset the firm's improved revenues.Despite a 28% boost in revenues to £509,000, Braveheart saw pre-tax profits fall 41% to £113,000 for the six months ended 30 September. Earnings per share fell from the 0.71p turned in a year ago to 0.42p each.The fund management and strategic investment firm said operating costs, which rose 91% to £395,000, had mostly come from its previous period, dragging it to a loss in the current half.Cash and equivalents stood at £1.1m at the half-year.Chief executive Trevor Brown, said it was a "pivotal time" for Braveheart, with "growing prospects" from its investments in in-vitro cell culture specialist Kirkstall, scientific instrument outfit Paraytec and wind turbine monitors Gyrometric that "continue to excite the board".Meanwhile the investment portfolio, combined with the cash on the balance sheet "continues to provide solid underpinning to our balance sheet, and developments in our fund management business offer a new source of fund management revenue in the next financial year", he said. Earlier this month, a capital reduction was completed to make it possible for the company to make its first payout for the year to 31 March 2019, once the full year accounts have been audited. Directors intend to recommend the payment of a final dividend for the current year, but have not yet determined the size.As of 1030 BST, Braveheart shares had slipped 5.29% to 16.58p.