Braveheart shrinks losses after Viking acquisition

THE major investment group which bought Yorkshire-based Viking Fund last year has shrunk its losses after increasing revenue.

Braveheart Investment Group cut its pre-tax loss by 39 per cent to 767,000. Income rose 220 per cent to 918,000.

Last year Braveheart bought Viking, formerly Inkopo, to help it get access to the region's growing science and tehcnology sector. Viking has offices in Harrogate and Normanton

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Geoffrey C B Thomson, chief executive, said: "Other than our people, our portfolio remains our key asset. During the year we have continued to support our better companies with additional resources and management support particularly in terms of corporate development and re-financings.

"Our ongoing strategy is to continue to build shareholder value by way of both portfolio development and growth of our investment management business.

"In time we plan to build three brands in the market, split into private client investment management, fund management and management advisory services. We can see significant potential for growth in all of these areas."

Braveheart said the first investments had been made made by Strathclyde Innovation Fund.

Braveheart's cash balance is at 1.47m, compared to 3.22m the previous year.