- Braveheart Investment Group posts a full year loss from total operations of £768,000 compared with a loss of £808,000 last time.

The result is after redundancy and restructuring costs of £123,000 (2014: nil), a loss on revaluation of portfolio investments of £1,080,000 (2014: gain of £111,000), a reduction in contingent consideration of £136,000 (2014: increase £97,000) and a profit on portfolio disposals of £211,000 (2014: nil).

Total portfolio fair value was £2,478,000 at the end of March (2014: £3,725,000) and ongoing overheads were reduced by £340,000 per annum.

Chairman Jeremy H Delmar-Morgan said: "During the year and post year-end three executive directors, including Geoffrey Thomson, our CEO, left us. Geoffrey, who has been Braveheart's CEO for 18 years, was one of the founders of Braveheart and I would like to take this opportunity to thank him for his contribution over so many years and to wish him well for the future.

"Trevor Brown, a non-executive director of Braveheart, has been appointed as interim CEO together with Jonathan Freeman as an executive director and the company intends to appoint Andrew Burton, currently CEO of Viking Fund Managers Ltd, as an executive director.

"We sold one of our investments in December and this saw a pleasing return to both our private client investors and ourselves. The team are working on other realisations.

"The Group will continue to focus on growing the funds under management and achieving realisations from the portfolio to enhance earnings per share.

"The economic climate has improved and with a stronger UK government in place I think we can look forward to a period of growth."

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