Braveheart remains positive as losses widen

The AIM-listed firm’s results for the year to March 31 covers a turbulent year that saw it successfully dispose of its 33 per cent interest in WhiteRock Capital Partners for £100,000 and complete the purchase of the remaining interest in Ridings Holdings.

The firm said Viking was awarded a contract extension to invest a further £5.1m to top up the £40m Finance Yorkshire Equity Fund, and a further £3.8m was made available in January.

It also exited its investment partnership with crowdfunding platform SEEDRS and closed its Strathtay private client arm.

Chief executive Trevor Brown said: “Throughout the course of the year, we continued to review all operations with the objective of identifying which activities we can best concentrate our resources upon, to the most productive effect for our shareholders.”

Mr Brown said annualised costs savings of £570,000 had been identified but further reductions in outgoings were in the pipeline.

“The target the board has set itself for the current years is to ensure the operating costs of the group will be less than operating income, allowing us to budget for a surplus for the full year.

“A key part of the operational review we have undertaken has been to take 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.”

Braveheart also largely completed its reorganisation and restructuring efforts, with the remaining exceptional charges now accounted for, and the board said it was now focused on its future with “an emphasis on ensuring positive earnings are achieved in the current year”.

However, hanges at the group continue next month when chairman Jeremy Delmar Morgan retires after eight years.