Braveheart recovery continues with strong end to year

The fund manager reported unaudited revenues of £562,000 in the six months to September 30 and profits after tax of £475,000.

The directors said they were pleased with the group’s performance – which produced earnings per share of 1.67p – and said they expected trading to continue in the same vein for the remainder of this financial year.

“The board is continuing to exercise careful management of the costs of the group in order to ensure the group’s operating revenues continue to be in excess of operating costs,” Braveheart told investors.

“The board continues to seek realisations from the investment portfolio, which, if successful, will add to the existing cash already available to the group for further investment in its strategic investments.”

The group took the news of its latest results to announce the latest of its three recemt such investments.

It said it has now acquired a 47 per cent stake in Nottingham Trent University spin-out Gyrometric Systems.

The company has developed software to monitor the vibrations in rotating shafts which can be used across a range of sectors, including marine engines, machine tools and wind turbines.

The business has established sales partners in Germany and Asia and will build its network following Braveheart’s acquisition.

Gyrometric was founded in 2007 and moved to Nottingham Science and Technology Park in 2009. It is expected to breakeven in 2017.

The company already has sales partners in Germany and Asia and its technology has a wide variety of applications from machine tools to marine engines.

It is also hoping to develop its presence in the wind turbine market, using its monitoring equipment to protect drive-trains from overload and asymmetry damage.

Braveheart also announced that its wholly owned subsidiary Viking Fund Managers Limited had been awarded an additional £2 million of new capital to invest through the Finance Yorkshire Equity Fund contract.

The move means the investment phase of the contract has been extended out to March, having previously been expected to complete by the end of 2016.

Braveheart also revealed that Viking had not been successful in winning a fund management contract for the new Northern Powerhouse Investment Fund initiative, although it continues to work with third parties with a view to securing new contracts.