Braveheart beats an optimistic path

The group, which owns Yorkshire-based investment firm Viking Fund Managers, said fee-based revenues increased 89 per cent to £621,000 in the six months to the end of September.

Pre-tax losses of £842,000 were deeper than £581,000 a year ago.

Braveheart said its subsidiary Envestors has driven the group’s fee-income growth.

“The current macro-economic outlook continues to be bleak and is likely to remain so for some time,” said Braveheart. “However, we anticipate that we will continue to expand our investment management business and with a valuable maturing portfolio of investments we continue to be optimistic about the future.”

Braveheart bought Yorkshire investment firm Inkopo two-and-a-half years ago in a deal worth up to £1.31m, renaming it Viking Fund Managers. Viking is led by managing director Andrew Burton.

Braveheart said it plans more investment management acquisitions to boost fee income.