Braveheart sees losses double for half-year

Investment management group Braveheart said half-year losses more than doubled to £88,000 although it is making ​“good progress” on the exit potential of its portfolio. ​

The group said its Viking division, the fund manager for the Finance Yorkshire Equity Fund, will complete its investment phase at the end of this year. At that point ​it expects to have invested £40m ​and to have a portfolio of around 46 companies.

Braveheart said the portfolio includes a mix of technology and more traditional businesses ​which are all at the development capital stage.​ ​

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Chairman Jeremy Delmar-Morgan said: “A large percentage of our revenue is based on contracted fund management services and we have a strong pipeline of business development opportunities. Alongside this we have a healthy portfolio of assets which are maturing and improving in prospects. The business is well set financially and we look forward to communicating progress to shareholders over the next year.”

He said that whilst there have been encouraging signs in the economy, UK borrowing is still too high and the next Government will have to make difficult decisions on how to deal with it.

“We do not expect times to get better in the short to medium term,” he said.