Braveheart Investment Group PLC (AIM:BRH) reported soaring profits for the first half and a huge increase in the book value of its investment in PhaseFocus Holdings Ltd.
Pre-tax profits came in at £2.8mln in the six months to 30 September 2021, up from £449,157 in the same period last year, on income rising to £3.3mln from £895,000.
The investment company said it increased the book value of its 42.67% holding in PhaseFocus to £3.6mln from £437,000 and plans to sell the investment in the next 12 months.
It said PhaseFocus achieved its highest number of sales in a six-month period in the first half, with a substantial increase in demand for customer demonstrations of Livecyte, the high contrast time-lapse videos using its patented Ptychographic quantitative phase imaging (QPI) technology.
The number of LiveCyte demonstrations suggests a pipeline of prospective customers that could drive sales in 2022, Braveheart said.
It noted that progress continued in all its investments in the first half.
READ: Braveheart Investment ups stake in car part maker Autins
The total unaudited value of its unconsolidated investment portfolio was £4.4mln on 30 September, up from £820,000 at the end of March, mainly due to the increase in the book value of PhaseFocus.
Net asset value rose to £7.6mln from £3.3mln.
Braveheart did not pay an interim dividend, but said it will consider a final pay-out.
In addition to PhaseFocus, Braveheart holds 100% in Paraytec, which is developing a fast, sensitive COVID-19 test; 38.38% in Sentinel Medical, which was formed to exploit Paraytec's measurement techniques in the detection and monitoring of bladder cancer from urine samples; 80.28% in Kirkstall, which has developed a system of chambers for cell and tissue culture in laboratories; 11.995% of Autins, which specialises in solving acoustic and thermal problems in the automotive industry; and 4.13% in Velocity Composites, which supplies advanced composite material kits to the Aerospace sector.