At the company’s annual meeting in London, chairman Jeremy Delmar-Morgan told investors that Braveheart was on track to post a profit for the full financial year to March 2017.

Last month the company announced that from March 2015-2016 they had made a pre-tax loss of £610,000 compared with the previous year where they made a profit of £177,000.

Yesterday the company announced that it had implemented its new investment strategy and had been actively undertaking a major cost-cutting and reorganisation programme.

Mr Delmar-Morgan said: “I am pleased to report that we have made a positive start to the year, achieving modest profitability during the first quarter ended June 2016, and that we are on track to generate profits during the full year ending March 31, 2017.

“We have commenced the implementation of our new direct investment strategy with investments in Paraytec, a UK company producing scientific instruments used for the analysis of fluids and particles in drug development, and Kirkstall, a UK company producing flow chamber systems used in the laboratory testing of drugs on living cells and tissue culture.”

He added: “Having completed the group’s reorganisation and cost-saving programme we are now firmly focused on growing and developing group businesses by deploying our capital, and submitting bids for the management of new venture capital funds with the aim of generating positive shareholder returns.”

Braveheart said last month that a key part of its operational review had been taking the “difficult decision to scale back, sell or close those parts of the group that the review has identified as unlikely to become profitable in the near future and/or having a requirement for significant capital expenditure”.