Braveheart Investment deals are close to realising six-figure cash receipts [Herald, The (Scotland)]
(Herald, The (Scotland) Via Acquire Media NewsEdge) BRAVEHEART Investment Group is close to two exits from its portfolio of companies, which could generate six-figure cash receipts.
Chief executive Geoffrey Thomson said if the deals came off, the Perth business may look to return cash to shareholders by a dividend or use the proceeds to fund further acquisitions.
He said: "We have quite a mature portfolio now and we would expect several realisations to come through in the next few years."
Braveheart's portfolio includes Livingston-based internet security software specialist Bloxx, Glasgow life sciences firm Biopta and Edinburgh infrared sensors business Pyreos.
Mr Thomson said he could not reveal which companies in the portfolio were close to being sold.
The news came as the Perth business returned to the black by reporting a profit of pound(s)68,000 for the 12 months to the end of March this year, compared to a pound(s)1.7 million loss for 2012.
Overall income soared 198% from pound(s)1.12m to pound(s)3.34m mainly because of a rise in investment management income from pound(s)932,000 to almost pound(s)2.6m.
Braveheart also benefited from a revaluation of investments worth pound(s)306,000, compared to a pound(s)200,000 loss from the prior year.
Excluding that portfolio valuation movement the company's pre- tax loss narrowed from pound(s)1.5m to pound(s)240,000.
Mr Thomson confirmed Braveheart's focus was on growing its fund management and corporate finance business. Funds under management grew by pound(s)11m to pound(s)121m in the year.
Braveheart now runs a number of loan funds around Britain including the Finance Yorkshire Equity Fund, the Growth Loan Fund in Northern Ireland, the Lechesis Fund and the Strathclyde Innovation Fund.
It also has Viking Fund Managers and its Envestors corporate finance advisory business, which has bases in London, Manchester, Jersey, the Isle of Man, Monaco and Dubai.
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