- Braveheart Investment Group posts a pre-tax loss of £1.04m - 3.84 pence per share - for the six months to the end of September, up from a loss of £88,000 or 0.35p per share a year ago.

Revenue was £610,000 (2014: £922,000) with the reduction being mainly due to the Viking equity contract shifting from investment phase into exit phase.

The group's direct investment portfolio comprises minority stakes in unquoted investments.

There were no realisations in the six months ended 30 September 2015 and, following a further review of the valuations of this portfolio, it recorded an unrealised loss on the revaluation of these investments of £724,000 (2014: loss of £197,000) which resulted in the value of the portfolio now being £1.76m (31 March 2015: £2.48m).

Operating costs were £868,000 (2014: £928,000).

Cash balances at 30 September 2015 were £260,000 (2014: £ 376,000).

The group says it continues to have a corporate banking relationship with HSBC Bank plc, from whom £500,000 facilities are available but not drawn. At 30 September 2015 net assets were £2.36m (2014: £4.06m).

Post period end, the group said the sale of one portfolio company, Bloxx Limited, resulted in returning cash of around £164,000 to investment clients and £678,000 less contingent consideration of £262,000 to its balance sheet.

Looking ahead, chairman Jeremy Delmar-Morgan and chief executive Trevor Brown said: "The cost base of the Group has now been significantly reduced and we expect that the last elements of this program will be completed by the end of the current financial year so that the fund management businesses can return a modest profit over the course of the new financial year. Our attention will continue to focus upon developing a new strategy for the Group and working hard with our partners to achieve improvements in shareholder value."

At 2:45pm: [LON:BRH] Braveheart Investment Group PLC share price was -1.5p at 6.5p

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