REG - Braveheart Inv Group - Half-year Report
28/10/2022 07:00
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RNS Number : 4170E Braveheart Investment Group plc 28 October 2022
The information contained within this announcement is deemed by the Group to
constitute inside information as stipulated under the Regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310 ("MAR"). With the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.
28 October 2022
Braveheart Investment Group plc
("Braveheart" or the "Company" or the "Group")
Interim Results
Braveheart Investment Group plc (AIM: BRH), announces its interim results for
the six months ended 30 September 2022.
Highlights:
· Income of £36,000 in the six months ended 30 September 2022 (H1
2021: £3,364,000);
· Loss of £761,000 in the six months ended 30 September 2022 (H1 2021:
£2,533,000);
· Loss per share of 1.19p in the six months ended 30 September 2022 (H1
2021: 4.85p);
· Investments into Aukett Swanke Group plc and PhaseFocus Holdings
Limited
· Funds raised in the period totalling £965,000 (before expenses)
Post Period End
· Aukett Swanke Group plc shareholding increased to 19.37%
· Autins Group plc shareholding increased to 12.91%
For further information:
Braveheart Investment Group plc Tel: 01738 587555
Trevor Brown, Chief Executive Officer
Viv Hallam, Executive Director
Allenby Capital Limited (Nominated Adviser and Joint Broker) Tel: 020 3328 5656
David Worlidge / James Reeve / George Payne
Peterhouse Capital Limited (Joint Broker) Tel: 020 7469 0936
Duncan Vasey / Lucy Williams
Chief Executive Officer's Statement
We are pleased to report to shareholders the results for the six months ended
30 September 2022. Progress has continued in all the Group's activities and
detailed operational summaries follow later in this report.
Financial Review
The Directors have undertaken an unaudited interim review of the valuations of
the Group's investments and have concluded that, as at 30 September 2022, the
fair value of the Group's investments were as follows:
· Valuation of Portfolio Investments: £164,000 (31 March 2022:
£164,000)*
· Valuation of unconsolidated Strategic Investments: £4,964,000 (31
March 2022: £4,552,000)**
* these are the historic investments made by Braveheart up to 2015
** these are the new investments made by Braveheart since 2015
Therefore, the total unaudited value of our unconsolidated investment
portfolio as at 30 September 2022 is £5,128,000 (31 March 2022: £4,716,000).
This uplift is largely due to the additional investments made into PhaseFocus
Holdings Limited and Aukett Swanke Group plc. As at 30 September 2021, the
comparable total valuation of our investments was £4,424,000.
The Group reports a loss after tax for the period under review of £761,000
(2021: profit of £2,533,000). This equates to a loss per share of 1.19 pence
(September 2021: 4.85 pence).
The Directors believe that the Strategic Investments continue to be the most
likely drivers of growth in shareholder value over the remainder of the
current year and so have concentrated the remainder of this CEO Statement on
their operations and prospects.
Strategic Investments Overview
Paraytec Limited (Braveheart owns 100% per cent of the company)
Paraytec Limited ("Paraytec") develops high performance specialist detectors
for the analytical and life sciences instrumentation markets. In addition, the
Company has undertaken a programme with the University of Sheffield to
develop a rapid test for identifying cancer and pathogens, including viruses.
The clinical study at the Sheffield Teaching Hospitals NHS Foundation Trust,
referred to in an announcement issued on 21 July 2022 commenced later than
expected in September 2022 and participant recruitment is ongoing. This study
runs alongside the Trust's existing NHS drive-through COVID-19 testing service
for staff. In the first phase, up to 100 participants, 50 of whom are positive
for COVID-19 and 50 who are negative, will provide swab specimens for analysis
by Paraytec's CX300 instrument. This data will be compared to separate
analyses by polymerase chain reaction (PCR) and for some samples, culture for
live SARS-CoV-2 virus in the laboratory.
Although the market for COVID-19 tests has dramatically changed in recent
months, the Company believes that demonstration of performance in a clinical
setting will attract potential licensees and acquirers to Paraytec's CX300
technology platform, not only for point-of-care COVID-19 testing but for many
other potential applications.
As previously reported, the Paraytec team is progressing two further
applications for the CX300 instrument; a Proof of Concept demonstration of a
test for pathogens causing sepsis; and a method to analyse the quality of
Virus Like Particles which are used in gene therapy medicine.
Phasefocus Holdings Limited (Braveheart owns 44.69%of the company)
Phasefocus Holdings Limited ("Phasefocus"), a spin-out from the University of
Sheffield, has developed a series of patented computational imaging and
analysis techniques that have a wide range of applications including live cell
imaging, engineering metrology and electron microscopy. The company's novel
method for high fidelity quantitative imaging and microscopy is known in the
scientific literature as "ptychography".
Phasefocus's flagship product, LivecyteTM, allows researchers and
biotechnology companies to characterise the dynamic behaviour of live cells in
ways previously not possible. Livecyte's integration of the Phasefocus's
patented label-free Quantitative Phase Imaging technology with
state-of-the-art automatic cell tracking algorithms enables users to
automatically characterize growth, morphology and motility of large
populations of cells in a 96-well plate assay format.
In September 2022, Phasefocus secured £370,000 of further investment
following a rights issue, in which Braveheart participated. These funds will
enable the Company to increase its stock holding of critical components, to
provide customers with shorter lead times than are currently available due to
global supply-chain delays. In addition, the Company will increase its
marketing and direct sales activity in the EU and USA, where it sees
substantial potential to increase sales beyond those achieved by its
distributors.
Kirkstall Limited (Braveheart owns 80% of the company)
Kirkstall Limited ("Kirkstall") operates in the market known as
'organ-on-a-chip', where it has developed Quasi Vivo™, a system of chambers
for cell and tissue culture in laboratories. Its patented technology is used
by researchers in the growing New Approach Methodologies ("NAMs"), which
enable human-relevant drug safety decisions to be made without the need for
animal testing.
On 10 and 11 November 2022, Kirkstall will organise its annual conference,
Advances in Cell and Tissue Culture ("ACTC 2022"), at which 40 presenters from
across the globe will present their latest research in the development of
non-animal micro-physiological in vitro models https://theactc.com/
(https://theactc.com/) . This year the programme includes several speakers
from Singapore and Australia for the first time.
Kirkstall's new Quasi Vivo™ product platform is in the final stages of user
testing prior to market launch in December 2022. Its advanced fluid flow and
compact design are considered highly desired by both pharmaceutical and
academic users.
Kirkstall's partnership in the €4m European project CyGenTig is progressing
well. The consortium is developing and testing new techniques to produce
engineered tissues by optogenetics, with the aim to build replacement human
organs by controlling individual cell growth and differentiation.
Autins Group plc (Braveheart owns 12.91% of the company)
Post period, as announced on 20 October 2022, Braveheart increased its holding
in this company to 12.91%.
Autins Group specialises in solving acoustic and thermal problems in the
automotive industry and other specialist applications. In particular, the
company's leading product Neptune, a non-woven microfibre web, is produced by
a mixture of engineered polyester fibre and melt-blown polypropylene. This
material outperforms traditional automotive insulation and is gaining traction
in office and flooring acoustics applications.
Aukett Swanke Group plc (Braveheart owns 19.37% of the company)
Post period, as announced on 5 October 2022, Braveheart increased its holding
in this company to 19.37%.
Aukett Swanke is a professional services group that principally provides
architectural and interior design services in the primary international market
sectors of offices, residential, education, industrial, hospitality and mixed
use or 'hybrid' developments. It has two principal UK subsidiaries, Aukett
Swanke Limited and Veretec Limited.
Velocity Composites plc (Braveheart owns 4.13% of the company)
Velocity Composites is a leading supplier of advanced composite material kits
to the Aerospace sector. Velocity Composites' clients include multi-national
manufacturers of composite parts and assemblies, who in turn deliver to the
world's leading civil and military aircraft manufacturers. The Airbus A320,
A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter, Boeing 737,
Boeing 787 and V22 Osprey are all constructed using parts manufactured from
Velocity's kits.
Fund raising
In April 2022, the Company raised £215,113, before expenses at an issue price
of 15p per share, and in September 2022, the Company raised a further
£750,000, before expenses, by way of a placing and subscription at an issue
price of 10.25p per share. These fundraises were undertaken by the Company to
enable it to be in sufficient funds to be able to support its current investee
companies from a position of strength should the need arise for further funds
and to be able to make opportunistic new investments.
At 30 September 2022, the Company had unaudited cash and cash equivalents of
£2.02 million (30 September 2021: £3.46 million).
Outlook
The Board continues to work to enhance shareholder value within our strategic
investments, and also to invest in other businesses where we consider there is
good potential for medium term growth.
Trevor Brown
Chief Executive Officer
27 October 2022
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30 September 2022
Six months ended Six months ended
Year ended
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
Continuing operations Note £ £ £
Revenue 141,982 67,070 185,814
Change in fair value of investments 4 (105,781) 3,236,617 2,690,598
Profit on disposal of investments - 60,155 60,414
Total income 36,201 3,363,842 2,936,826
Employee benefits expense (403,105) (195,899) (636,141)
Other operating costs (370,198) (360,516) (752,449)
Total operating costs (773,303) (556,415) (1,388,590)
Finance income 4,170 3 138
Finance costs (1,178) (819) (2,349)
Total costs (770,311) (557,231) (1,390,801)
(Loss)/ Profit before tax (734,110) 2,806,611 1,546,025
Tax (27,376) (273,488) (104,048)
(Loss)/ Profit after tax for the period and total comprehensive income for the (761,486) 2,533,123 1,441,977
period
(Loss)/ Profit attributable to:
Equity holders of the parent 767,115 2,538,765 1,453,804
Non-controlling interest 5,629 (5,642) (11,827)
(761,486) 2,533,123 1,441,977
Basic (loss)/earnings per share Pence Pence Pence
- Basic 2 (1.19) 4.85 3.10
- Diluted 2 (1.11) 4.75 2.82
The above condensed consolidated Statement of Comprehensive Income should be
read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2022
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
Note £ £ £
ASSETS
Non-current assets
Property, plant and equipment 2,181 2,347 1,776
Intangible assets 27,963 30,649 26,103
Goodwill 3 205,775 205,775 205,775
Investments at fair value through profit or loss 4 5,127,715 4,424,959 4,716,080
5,363,634 4,663,730 4,949,734
Current assets
Inventory 80,934 93,720 90,113
Trade and other receivables 121,943 106,094 123,412
Cash and cash equivalents 2,018,440 3,460,760 1,893,931
2,221,317 3,660,574 2,107,456
Total assets 7,584,951 8,324,304 7,057,190
LIABILITIES
Current liabilities
Trade and other payables (100,455) (409,197) (272,432)
Deferred income (18,026) (36,918) (7,025)
(118,481) (446,115) (279,457)
Non-current liabilities
Deferred taxation (197,774) (273,488) (170,398)
(197,774) (273,488) (170,398)
Total liabilities (316,255) (719,603) (449,855)
Net assets 7,268,696 7,604,701 6,607,335
EQUITY
Called up share capital 5 1,274,469 1,044,807 1,044,807
Share premium 5,370,711 4,455,493 4,371,343
Share based payment reserve 503,652 131,905 309,835
Retained earnings 132,087 1,984,163 899,202
Equity attributable to owners of the parent 7,280,919 7,616,368 6,625,187
Non-controlling interest (12,223) (11,667) (17,852)
Total equity 7,268,696 7,604,701 6,607,335
The above condensed consolidated statement of financial position should be
read in conjunction with the accompanying notes
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months ended 30 September 2022
Six months ended
30 September 30 September 31 March
2022 2021 2022
(unaudited) (unaudited) (audited)
£ £ £
Operating activities
(Loss)/ Profit before tax (734,110) 2,806,611 1,441,977
Adjustments to reconcile profit before tax to net cash flows from operating
activities
Decrease/ (Increase) in the fair value movements of investments 105,781 (3,236,617) (2,690,598)
Share based payment 193,817 - 177,930
Profit on disposal of equity investments - (60,155) (60,414)
Fees taken from investment proceeds - 84,150 -
Movement in liabilities due to Viking fund 104 33,565 41,265
Taxation - - 170,398
Depreciation and amortisation 6,557 6,111 12,919
Interest income (4,170) (3) (138)
Decrease in inventory 9,179 4,721 8,328
Decrease / (Increase) in trade and other receivables 1,469 (322) (17,640)
(Decrease) / Increase in trade and other payables (160,976) (186,807) (353,465)
Net cash flow used in operating activities (582,349) (548,746) (1,269,438)
Investing activities
Proceeds from sale of investments - 74,865 245,871
Amount paid to BBB - - (170,887)
Acquisition of investments (218,853) (622,769) (1,467,469)
Acquisition of intangible assets (7,845) (7,987) (9,834)
Acquisition of tangible assets (977) (802) (646)
Interest received 4,170 3 138
Net cash flow used in investing activities (223,505) (556,690) (1,402,827)
Financing activities
Warrants and share options exercised - 7,480 7,480
Funds raised, net of share issue costs 930,363 2,415,850 2,415,850
Net cash flow from financing activities 930,363 2,423,330 2,423,330
Net increase / (decrease) in cash and cash equivalents 124,509 1,317,894 (248,935)
Cash and cash equivalents at the start of the period 1,893,931 2,142,866 2,142,866
Cash and cash equivalents at the end of the period 2,018,440 3,460,760 1,893,931
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2022
Attributable to owners of the Parent
Share Capital Share Premium Share based payment Reserve Retained Earnings Total Non-controlling Interest Total Equity
£ £ £ £ £ £ £
At 31 March 2021 (audited) 766,148 2,226,671 137,200 (559,897) 2,570,122 (6,025) 2,564,097
Total comprehensive income for the period - - - 2,538,765 2,538,765 (5,642) 2,533,123
Transactions with owners recorded directly in equity:
Allotment of shares 278,659 2,228,822 - - 2,507,481 - 2,507,481
Transfer to retained earnings - - (5,295) 5,295 - - -
At 30 September 2021 (unaudited) 1,044,807 4,455,493 131,905 1,984,163 7,616,368 (11,667) 7,604,701
Total comprehensive income for the period - - - (1,084,961) (1,084,961) (6,185) (1,091,146)
Transactions with owners recorded directly in equity:
Cost of shares issued - (84,150) - - (84,150) - (84,150)
Share based payments - - 177,930 - 177,930 - 177,930
At 31 March 2022 (audited) 1,044,807 4,371,343 309,835 899,202 6,625,187 (17,852) 6,607,335
Total comprehensive income for the period - - - (767,115) (767,115) 5,629 (761,486)
Transactions with owners recorded directly in equity:
Allotment of shares 229,662 1,034,118 - - 1,263,780 - 1,263,780
Cost of shares issued - (34,750) - - (34,750) - (34,750)
Share based payments - - 193,817 - 193,817 - 193,817
At 30 September 2022 (unaudited) 1,274,469 5,370,711 503,652 132,087 7,280,919 (12,223) 7,268,696
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 Basis of preparation
The financial information presented in this half-yearly report constitutes the
condensed consolidated financial statements (the interim financial statements)
of Braveheart Investment Group plc ("Braveheart" or "the Company"), a company
incorporated in the United Kingdom and registered in Scotland, and its
subsidiaries (together, "the Group") for the six months ended 30 September
2022. The interim financial statements should be read in conjunction with the
Annual Report and Accounts for the year ended 31 March 2022 and have been
prepared in accordance with UK-adopted international accounting standards in
accordance with the requirements of the Companies Act 2006. The financial
information in this half-yearly report, which was approved by the Board and
authorised for issue on 26 October 2022 is unaudited.
The interim financial statements do not constitute statutory accounts for the
purpose of sections 434 and 435 of the Companies Act 2006. The comparative
financial information presented herein for the year ended 31 March 2022 has
been extracted from the Group's Annual Report and Accounts for the year ended
31 March 2022 which have been delivered to the Registrar of Companies. The
Group's independent auditor's report on those accounts was unqualified, did
not include references to any matters to which the auditors drew attention by
way of emphasis without qualifying their report and did not contain a
statement under section 498(2) or 498(3) of the Companies Act 2006.
The preparation of the half-yearly report requires management to make
judgements, estimates and assumptions that affect the policies and the
reported amounts of assets and liabilities, income and expenses. The
estimates and associated assumptions are based on historical experience and
other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making judgements about carrying values of
assets and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates. In preparing this half-yearly
report, the significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those applied to the audited consolidated financial statements for the
year ended 31 March 2022.
The interim financial statements have been prepared using the same accounting
policies as those applied by the Group in its audited consolidated financial
statements for the year ended 31 March 2022 and which will form the basis of
the 2023 Annual Report and Accounts. The interim financial statements have
been prepared on the same basis as the financial statements for year ended 31
March 2022 which is on the assumption that the Company is a going concern.
Going Concern
The Directors have reviewed the Group's and the Company's budgets and plans,
taking account of reasonably possible changes in trading performance and have
a reasonable expectation that the Group and the Company have adequate
resources to continue in operational existence for the foreseeable future and
that it is therefore appropriate to continue to adopt the going concern basis
in preparing the financial statements.
a) New and amended standards adopted by the Group
A number of new or amended standards became applicable for the current
reporting period. These new/amended standards do not have a material impact on
the Group, and the Group did not have to change its accounting policies or
make retrospective adjustments as a result of adopting these standards.
b) New accounting policies adopted by the Group
There were no new accounting policies adopted by the Group during the period,
nor any amendments to existing accounting policies.
2 (Loss)/Earnings per share
The basic (loss)/earnings per share has been calculated by dividing the
(loss)/ profit for the period attributable to equity holders of the parent by
the weighted average number of ordinary shares in issue during the period.
The calculation of (loss)/ earnings per share is based on the following profit
and number of shares in issue:
Six months ended Six months ended Year ended
30 Sept 2022 30 Sept 2021 31 Mar 2022
(unaudited) (unaudited) (audited)
£ £ £
(Loss)/ Profit for the period attributable to equity holders of the parent (761,486) 2,533,123 1,441,977
Weighted average number of ordinary shares in issue:
- For basic earnings per ordinary share 54,450,921 52,240,340 46,870,999
- Potentially dilutive ordinary shares 4,596,000 1,096,000 4,596,000
- For diluted earnings per ordinary share 59,046,921 53,336,340 51,466,999
Dilutive earnings per share adjusts for share options granted where the
exercise price is less than the average price of the ordinary shares during
the period. At the end of the current period there were 4,596,000
potentially dilutive ordinary shares.
3 Goodwill
Paraytec Kirkstall Total
£ £ £
At 1 April 2021 (audited) 205,775 - 205,775
At 30 September 2021 (unaudited) 205,775 - 205,775
At 31 March 2022 (audited) 205,775 - 205,775
At 30 September 2022 (unaudited) 205,775 - 205,775
The income approach was not deemed a reliable method for valuing the goodwill
of Paraytec and Kirkstall. Therefore, the market value method was used in
order to ascertain the value of goodwill at the period end.
4 Investments at fair value through profit or loss
Level 1 Level 2 Level 3
Equity investments in quoted companies Equity investments in unquoted companies Debt investments in unquoted companies Equity investments in unquoted companies Debt investments in unquoted companies Total
£ £ £ £ £ £
At 31 March 2021 (audited) - - - 613,847 - 613,847
Additions at cost 575,834 - - 46,935 - 622,769
Disposals - - - (48,274) - (48,274)
Change in Fair Value 43,385 - - 3,193,232 - 3,236,617
At 30 September 2021
(unaudited) 619,219 - - 3,805,740 - 4,424,959
Additions at cost 844,700 - - - - 844,700
Disposals - - - - - -
Amount owed to creditors - - - (7,560) - (7,560)
Change in Fair Value (330,065) - - (215,954) - (546,019)
At 31 March 2022 (audited) 1,133,854 - - 3,582,226 - 4,716,080
Additions at cost 333,553 - - 183,968 - 517,521
Disposals - - - - - -
Change in Fair Value (105,737) - - (149) - (105,886)
At 30 September 2022
(unaudited) 1,361,670 - - 3,766,045 - 5,127,715
4 Investments at fair value through profit or loss
(continued)
The Group classifies its investments using a fair value hierarchy.
Classification within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant investment as follows:
· Level 1 - valued using quoted prices in active markets for identical
assets;
· Level 2 - valued by reference to valuation techniques using
observable inputs other than quoted prices included within Level 1; and
· Level 3 - valued by reference to valuation techniques using inputs
that are not based on observable market data.
The fair values of quoted investments are based on bid prices in an active
market at the reporting date. All unquoted investments have been classified as
Level 3 within the fair value hierarchy, their respective valuations having
been calculated using a number of valuation techniques and assumptions,
notwithstanding that the basis of the valuation methodology used most commonly
by the Group is 'price of most recent investment'. The use of reasonably
possible alternative assumptions has a material effect on the fair valuation
of PhaseFocus Holdings Limited in the period, as PhaseFocus Holdings Limited
has been valued based a recent offer price which was made to the company for
shares. This was in excess of the last round share price and so this offer
price has been used as the basis for valuation. The impact on the fair value
of investments if the discount rate and provision shift by 1% is £51,277
(2021: £44,250).
5 Share capital
30 Sept 2022 30 Sept 2021 31 Mar 2022
(unaudited) (unaudited) (audited)
Authorised £ £ £
68,674,431 ordinary shares of 2 pence each 1,373,489 1,072,609 1,444,807
(30 September 2021: 53,630,431,
31 March 2022: 72,240,340)
Allotted, called up and fully paid
63,723,489 ordinary shares of 2 pence each 1,274,469 1,044,807 1,044,807
(30 September 2021: 52,240,340,
31 March 2022: 52,240,340)
On 12 April 2022, the Company raised £215,113 (before expenses of £14,735)
through a placing of 1,434,091 new ordinary shares of 2 pence each in the
Company at a price of 15 pence per share. On 27 September 2022, the Company
raised an additional £750,000 (before expenses of £20,015) through a placing
of 7,317,073 new ordinary shares of 2 pence each in the Company at a price of
10.25 pence per share.
The Company has one class of ordinary shares. All shares carry equal voting
rights, equal rights to income and distribution of assets on liquidation or
otherwise, and no right to fixed income.
6 Availability of Interim Results
Shareholder communications
A copy of this report is available on request from the Company's registered
office: 1 George Square, Glasgow, G2 1AL. A copy has also been posted on the
Company's website: www.braveheartinvestmentgroup.co.uk.
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