Braveheart Investment Group PLC (AIM:BRH) has posted its interim results statement for the six months ended 30 September 2022 in which Trevor Brown, the company's chief executive officer, said that "progress has continued in all the group's activities".
During the period, Braveheart made investments into Aukett Swanke Group PLC and PhaseFocus Holdings Limited, and post-period end it increased its initial holding in Aukett Swanke to 19.37% and raised its shareholding in Autins Group PLC to 12.91%.
The company said its directors have undertaken an unaudited interim review of the valuations of the group's investments and have concluded that, as of 30 September 2022, the fair value of the group's Portfolio Investments - historic investments made by Braveheart up to 2015 - were £164,000 (31 March 2022: £164,000), while the valuation of its unconsolidated Strategic Investments - new investments made by Braveheart since 2015 - were £4,964,000 (31 March 2022: £4,552,000).
Therefore, the total unaudited value of the company's unconsolidated investment portfolio as of 30 September 2022 is £5,128,000 (31 March 2022: £4,716,000) with the uplift largely due to the additional investments made into PhaseFocus and Aukett Swanke. As of 30 September 2021, the comparable total valuation of its investments was £4,424,000.
The company said its directors believe that its strategic investments continue to be the most likely drivers of growth in shareholder value over the remainder of the current year.
In April 2022, the company raised £215,113, before expenses, at an issue price of 15p per share, and in September 2022, it raised a further £750,000, before expenses, by way of a placing and subscription at an issue price of 10.25p per share.
The fundraises were undertaken by the company to enable it to have sufficient funds to be able to support its current investee companies from a position of strength should the need arise for further funds and to be able to make opportunistic new investments.
As of 30 September 2022, the company had unaudited cash and cash equivalents of £2.02mln (30 September 2021: £3.46mln).
The company generated income of £36,000 in the six months ended 30 September 2022 (H1 2021: £3,364,000) and made a loss of £761,000 in the period (H1 2021: £2,533,000), with its loss per share 1.19p versus 4.85p.
Braveheart said its board continues to work to enhance shareholder value within its strategic investments, and also to invest in other businesses where it considers there is good potential for medium-term growth.