Braveheart Investment Group PLC (LON:BRH) said that valuations for its directly held investments are largely unchanged from those seen at the end of last year following a capital restructuring.

In a statement with the firm’s interim results, Braveheart’s chief executive Trevor Brown said: “Progress continues across a broad front and we remain optimistic that this will eventually be reflected in enhanced returns to shareholders.”

As at 30 September, the fair value of the group’s investments was £688,000, which comprised the valuations of the historic investments it made up to 2015, of £433,000, and the strategic investments it made from 2016 onwards of £640,000.

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In the six months to 30 September, revenue was £250,000, down from £509,000 in 2018, and, for the first time, the majority of its revenue was from the operations of its consolidated investments.

The group said it expects that revenues from these consolidated investments will continue to increase in importance in the future.

Braveheart’s interim loss before tax was £122,000, after a £113,000 profit last year, equating to a loss per share of 0.48p, with the AIM-listed investor pointing out no disposals were made in the period.

Cash equivalents at the end of the period were broadly flat year-on-year at £1mln.