Braveheart Investment Group PLC on Monday reported increased profit and positive updates from its investees, while recommending a ’watch and wait’ approach to future growth.
The Barnsley, England-based investor in small- and medium-sized businesses said its pretax profit for the year ended March 31 was £2.4 million, up 15% from £2.1 million the year before. Total income also increased, up 13%, to £3.2 million from £2.8 million.
Braveheart’s shares were up 1.9% at 13.50 in London on Monday afternoon.
Braveheart Investment did not declare a dividend for the year, unchanged from financial 2022.
Braveheart Investment also reported ‘strong technical and product development progress’ at investees such as Kirkstall Ltd and Paraytec Ltd.
Kirkstall, of which Braveheart owns 86%, launched its new QV1200 product in February and received ‘strong interest’ from academic and commercial customers. It also established a contract research organisation to customers from its Sheffield laboratory.
Braveheart also reported at the end of May that Paraytec, which it wholly-owns%, successfully completed collection of patient specimens for a Covid-19 clinical study, with full findings expected in July. Moreover, a programme to apply its CX300 technology to a rapid test for bacteraemia causing sepsis is currently underway.
Braveheart said it was now ‘maximally’ deploying shareholders’ funds ‘to enhance the attractiveness of our investments to potential acquirers’, and is carrying out ‘intensive work’ to increase its businesses’ value.
‘With the bait in the water, masterful inactivity is probably the most appropriate stance for your directors to take for now, as we wait for approaches,’ Braveheart commented.
Chief Executive Officer Trevor Brown said: ‘Our strategy is to invest shareholder funds in businesses that we believe possess specific characteristics capable of generating exceptional returns on disposal.
‘The timing and price of such disposals is impossible to forecast, and the board acknowledges that patience may be required of shareholders while waiting for events to unfold.’
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