Braveheart Investment Group PLC (AIM:BRH) has confirmed it has written down the values of its two main holdings - instrument company Paraytec and Kirkstall, which has developed technology to replace animals in medical testing.
"The board believes that, with time, both Kirkstall and Paraytec could have the potential to increase in value and provide exit opportunities for the company, but it is prudent to write the values down to zero at the current time," the company said in commentary accompanying its prelims.
As a result of these adjustments, the company posted a pre-tax loss for the 12 months ending March 31 of £8.19 million. It exited the year with £1.74 million of cash and owns investments worth £1.65 million.
Investors were told Braveheart had implemented a "range of actions to rationalise the company's cost base and to conserve cash".