LONDON (ShareCast) - Scotland-focused investment group Braveheart reported a pre-tax loss of £1.26m for the year ended 31 March 2009 amid market volatility and shareholder nervousness.
The year before Braveheart posted a pre-tax
profit of £106,000. Revenue for 2009 fell to £0.4m compared with £0.7m.
Loss from investment management operations before net movement on the revaluation of investments widened to £977,000 from £42,000.
"As the business environment deteriorated we experienced reduced client appetite for investment with a consequent reduction in deal fees from both clients and portfolio companies," Braveheart explained in a company statement.
"Braveheart had a tough year as problems in the financial markets unfolded"...but the group said it is looking confidently to the future.
"When the market returns to more stable levels we will be first in the queue for an uptick in business."
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