Braveheart Investment Group PLC (AIM:BRH) reported an increase in net asset value and a return to profit in the first half of its financial year.
A profit after tax of £43,000 was recorded for the six months to 30 September 2024, from the £732,000 loss a year earlier, as the investment company said it implemented efficiencies and cut more costs, including board fees.
Annual fixed costs were reduced by around 20% and chief executive Trevor Brown said “Work will continue to improve the value of our investments and to seek opportunities for enhancing shareholder value”.
The total unaudited value of Braveheart’s unconsolidated investment portfolio has grown from £1.65 million at its March year-end to £2.35 million at the half-year stage, with NAV calculated to be £3.5 million, up from £3.3 million at year-end.
NAV per share was, therefore, 5.42p at the end of September, compared to 15.42p a year ago, but up from 5.33p at year-end.
The portfolio value and NAV are entirely based on the value of what the company calls its strategic investments, ie those made since 2015, with those made before that year written down to zero from £39,000 in March.
The listed portfolio, which was valued at £2.3 million, is made up of professional services group Aukett Swanke Group PLC (LSE:AUK), where Braveheart owned a 6.97% stake at the half-year stage; automotive acoustics specialist Autins Group PLC (AIM:AUTG), with a 26.95% shareholding; and industrial X-ray screening firm Image Scan Group, where Braveheart owned 10.65%.
Of the unlisted portfolio, 100% owned Paraytec Ltd continued to develop its CX300 instrument, focusing on a two-colour particle detection technology for rapid bacteraemia diagnosis. A prototype is being tested, with plans for commercialisation in 2025. A patent for a rapid Gram test was filed, expanding potential applications.
Kirkstall Ltd, 86% owned, has cut costs while developing its Quasi Vivo system (pictured) supports drug safety testing without animal use. New product variants target contract research organisations, and new distributors were secured in China and South Korea. Ongoing collaborations with researchers are expected to drive market presence despite a written-down investment.
Gyrometric Systems Ltd, where a 21.4% stake is owned, secured a £300,000 grant from Innovate UK for its patented shaft-monitoring technology. It leads a UK–US collaboration to develop wind turbine monitoring systems, involving major industry players. The technology aims to enhance failure prediction in large wind turbine bearings.