Braveheart Investment Group PLC (LON:BRH) has reported nearly double profits in its full-year results following a jump in the value of its investments.
The AIM-listed fund manager reported pre-tax profits for the year of £1.49mln, up from £0.78mln the previous year, while its cash at bank stood at £1.13mln, from £1.42mln the year before.
READ: Braveheart shares jump as it expects ‘substantial increase’ in full-year profit
The group added that its portfolio had a valuation at the end of its financial year of £2.22mln, up from £862,000 the year before, owing to “considerable operational progress” in its strategic investment and a recent revaluation of its portfolio.
In its outlook, the firm said it would continue to develop its strategic investments while seeking to engage third-party investors should any further capital be required.
The results are a vindication of a trading update issued in April when the group said following a revaluation of its investments by an externally commissioned valuer, it expected to report a substantial increase in the value of its investment portfolio, primarily in its investments in Paraytec Limited and Kirkstall Limited.