REG - Truetide PLC - Half-year Report
27/10/2025 07:00
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RNS Number : 8410E Truetide PLC 27 October 2025
The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.
27 October 2025
Truetide Plc
("Truetide", the "Company" or the "Group")
Interim Results
Truetide plc (AIM: TRUE), announces its interim results for the six months
ended 30 September 2025.
HIGHLIGHTS
· Profit of £129,000 in the six months ended 30 September 2025 (six
months ended 30 September 2024: £43,000), profit per share of 0.16p.
· Net Asset Value ("NAV") of £2,753,022 at 30 September 2025 (30
September 2024: £3,458,298), NAV per share of 3.51p.
· Post period name change to Truetide plc from Braveheart Investment
Group plc.
For further information:
Truetide 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
James Reeve / Ashur Joseph
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 2025. Progress has continued in activities of the Group's
portfolio companies and summaries of their operations 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 2025, the
fair value of the Group's investments were as follows:
· Valuation of Portfolio Investments: £0 (31 March 2024: £39,000)*
· Valuation of unconsolidated Strategic Investments: £2,543,000 (31
March 2025: £2,271,000)**
* these are the historic investments made by Truetide plc up to 2015
** these are the new investments made by Truetide plc since 2015
Therefore, the total unaudited value of our unconsolidated investment
portfolio as at 30 September 2025 is £2,543,000 (31 March 2025: £2,271,000).
As at 30 September 2024, the comparable total valuation of our investments was
£2,349,000.
The net asset value ("NAV") of the Company was £2.7 million as at 30
September 2025 (30 September 2024: £3.4 million, 31 March 2025: £2.3
million).
The Group reports a profit after tax for the period under review of £129,000
(September 2024: £43,000 profit). This equates to a profit per share of 0.16
pence (September 2024: profit per share of 0.07 pence).
During the period, the Company raised gross proceeds of £295k by way of a
placing and broker option.
Strategic Investments Overview
Paraytec Limited https://www.paraytec.com/ (https://www.paraytec.com/)
(Truetide owns 100% per cent of the company) - Book value £Nil
Technology
Paraytec designs advanced detectors for analytical and life science markets.
Their main product, the CX300, is a portable flow cytometer that detects
particles from 10 nm to 20 µm in small liquid samples with high sensitivity.
Commercial Progress
Analytik Limited is the commercial partner for Paraytec's particle analysis
instruments, managing UK marketing, sales, and support for the CX300 within
academic and industrial research labs and promoting at scientific conferences.
A key area for use is in extracellular vesicle (EV) characterisation, a
fast-growing research area with applications in diagnostics, drug development
and regenerative medicine.
Paraytec is developing a two-colour instrument enabling simultaneous analysis
of different particle populations, expanding its potential uses in biomedical
and research fields. The first production batch is being tested with
university partners.
Gyrometric Systems Limited https://gyrometric.systems/
(https://gyrometric.systems/) (Truetide owns 21.43% of the company) - Book
value £27,323
Technology
Gyrometric Systems, based in the UK, specialises in digital monitoring for
rotating machinery. Their patented technology provides real-time data on shaft
rotation and alignment, detecting mechanical wear where vibration-based
systems are ineffective, such as in journal bearings.
Commercial Progress
The company secured additional orders from a leading marine propulsion client,
supporting the commercial introduction of Gyrometric's products and affirming
their quality.
Gyrometric leads a UK-US research project to develop modular thin-film journal
bearings and real-time condition monitoring for wind turbines, aiming to
provide alternatives for offshore applications where maintenance is difficult.
The project is backed by Innovate UK and NOWRDC, with partners including
Leonardo Testing Systems, OREC, Tufts University, Kingsbury Inc, and a major
US wind turbine manufacturer.
Gyrometric has shipped its instruments to the US, with lab trials at Kingsbury
scheduled for November 2025. If trials are successful, their systems could be
used in both new and refurbished turbines, offering significant commercial
opportunities globally.
Listed Investments
At 30 September 2025, Truetide held investments in the following UK listed
companies:
Autins Group plc https://autins.com/ (https://autins.com/) (Truetide owned
29.09%) - Book value £1,429,560
Designs and manufactures acoustic and thermal insulation solutions for
automotive and other sectors. As of September 2025, unaudited five-month sales
were £7.7m with a net loss before tax of £258k. Operations were heavily
impacted by the JLR cyber incident, though management is working to minimise
exposure to order delays. At the AGM, shareholders voted to keep Non-executive
Chair Adam Attwood despite Truetide's recommendation that he should resign to
refresh the board.
Built Cybernetics plc https://builtcybernetics.com/
(https://builtcybernetics.com/) (Truetide owned 4.1%) - Book value £327,540
Provides architectural, interior design, and smart building services for
international office, residential, education, industrial, hospitality, and
hybrid developments. The October 2025 update noted challenging trading for the
year but reported stronger orders in September.
Image Scan Group plc https://ish.co.uk/ (https://ish.co.uk/) (Truetide owned
7.4%) - Book value £141,704
Supplies real-time X-ray screening systems for security and industry. Recently
launched AI threat recognition software and secured a major portable X-ray
contract for military and counter-terrorism. As of August 2025, projected
annual sales were below expectations, but cash reserves remained solid.
Imaging Biometrics Limited https://www.ibailtd.com/ (https://www.ibailtd.com/)
(Truetide owned 29.35%) - Book value £470,703
Imaging Biometrics Ltd (IBAI) is an imaging software, healthcare diagnostics
and medical research company, whose subsidiaries include Imaging Biometrics,
LLC (IB), Stone Checker Software Limited and Kirkstall Ltd. IB is a healthcare
imaging software company that supplies medical technology solutions,
regulatory consulting services and has a neuroimaging product portfolio. Stone
Checker Software Limited is a supplier of technology solutions in the field of
kidney stone analysis and kidney stone prevention. Imaging Biometrics'
ordinary shares are listed on the main market of the London Stock Exchange.
Trevor Brown is the CEO of Imaging Biometrics.
In the period to 30 September 2025, IBAI announced IB's development agreements
with MedImageMetric (MIM) and Vivan Therapeutics. Post period, on 14 October,
IBAI announced the acquisition of a controlling interest in Kirkstall Limited
from Truetide.
Truetide also has several portfolio investments that are smaller scale legacy
investments for which we continue to seek exits where appropriate.
Post Period
Kirkstall Limited https://kirkstall.com/ (https://kirkstall.com/) - Book value
at period end £146,421 (Nil at 31 March 2025).
Following a strategic review of this business and negotiations with investee
company Imaging Biometrics Limited (IBAI), it was agreed that after many years
in Company's portfolio, Kirkstall's sales of QV1200 are beginning to grow and
move beyond its established UK university customer base. A key target for its
products is the US market and to support this, Kirkstall needs a US
partner. IBAI is a UK-based medical research company with a US subsidiary in
this market, which we believe has the market knowledge and expertise to
support Kirkstall's future growth.
The sale of Truetide's entire holding in Kirkstall Limited for £146,421 was
completed and announced on 14 October 2025.
https://www.londonstockexchange.com/news-article/TRUE/replacement-sale-of-kirkstall-and-cln/17278135
(https://www.londonstockexchange.com/news-article/TRUE/replacement-sale-of-kirkstall-and-cln/17278135)
On 9 October 2025, the Company announced its change of name to Truetide plc,
previously Braveheart Investment Group plc.
Outlook
The near-term future of Truetide is closely aligned to the near-term values of
our investments. Since a major proportion of shareholder funds are deployed
into the listed segment of our portfolio, it should be much easier than in the
past for shareholders to keep track of changes in NAV, hopefully positive, as
the second half of the year unfolds.
Trevor Brown
Chief Executive Officer
25 October 2025
Condensed consolidated statement of COMPREHENSIVE INCOME
for the six months ended 30 September 2025
Six months ended Six months ended
Year ended
30 September 30 September 31 March
2025 2024 2025
(unaudited) (unaudited) (audited)
Continuing operations Note £ £ £
Revenue 7,981 10,990 20,500
Change in fair value of investments 3 435,508 430,575 (408,681)
Impairment of investments 3 - - -
Loss on disposal of investments (11,989) (10,088) (23,792)
Total income 431,500 431,477 (411,973)
Employee benefits expense (125,817) (202,107) (335,416)
Other operating costs (151,736) (127,850) (251,099)
Total operating costs (277,553) (329,957) (586,515)
Impairment of loans in investment companies (26,000) (89,000) (123,933)
Finance income 2,644 32,564 36,491
Finance costs (1,547) (1,478) (2,971)
Total costs (302,456) (387,871) (676,928)
Profit/ (Loss) before tax 129,044 43,606 (1,088,901)
Tax - - -
Profit/ (Loss) after tax for the period and total comprehensive income for the 129,044 43,606 (1,088,901)
period
Profit/ (Loss) attributable to:
Equity holders of the parent 129,044 43,606 (1,088,901)
129,044 43,606 (1,088,901)
Basic earnings/ (loss) per share Pence Pence Pence
- Basic 2 0.16 0.07 (1.71)
- Diluted 2 0.16 0.07 (1.71)
The above condensed consolidated Statement of Comprehensive Income should be
read in conjunction with the accompanying notes.
30 September 30 September 31 March
2025 2024 2025
(unaudited) (unaudited) (audited)
Note £ £ £
ASSETS
Non-current assets
Property, plant and equipment - - -
Investments at fair value through profit or loss 3 2,543,306 2,349,611 2,271,052
2,543,306 2,349,611 2,271,052
Current assets
Trade and other receivables 13,609 57,646 52,922
Cash and cash equivalents 248,396 1,094,640 63,671
262,005 1,152,286 116,593
Total assets 2,805,311 3,501,897 2,387,645
LIABILITIES
Current liabilities
Trade and other payables (52,289) (43,599) (58,141)
(52,289) (43,599) (58,141)
Non-current liabilities
Deferred taxation - - -
- - -
Total liabilities (52,289) (43,599) (58,141)
Net assets 2,753,022 3,458,298 2,329,504
EQUITY
Called up share capital 4 1,569,469 1,274,469 1,274,469
Share premium 5,355,305 5,370,711 5,370,711
Share based payment reserve 210,179 615,554 203,240
Retained earnings (4,381,931) (3,802,436) (4,518,916)
Equity attributable to owners of the parent 2,753,022 3,458,298 2,329,504
Total equity 2,753,022 3,458,298 2,329,504
The above condensed consolidated statement of financial position should be
read in conjunction with the accompanying notes.
Six months ended Six months ended
30 September 30 September 31 March
2025 2024 2025
(unaudited) (unaudited) (audited)
£ £ £
Operating activities
Profit/ (Loss) before tax 129,044 43,606 (1,088,901)
Adjustments to reconcile profit before tax to net cash flows from operating
activities
(Increase) / Decrease in the fair value movements of investments (435,508) (430,575) 408,681
Impairment of investments - - -
Share based payment 14,880 17,366 21,079
Impairment of loans in investment companies 26,000 89,000 123,933
Loss on disposal of equity investments 11,989 10,088 23,792
Movement in liabilities due to Viking fund - - -
Depreciation and amortisation - 108 108
Interest income (2,644) (32,564) (36,491)
Decrease in trade and other receivables 39,313 48,061 52,785
Decrease in trade and other payables (5,852) (60,535) (45,995)
Net cash flow used in operating activities (222,778) (315,445) (541,009)
Investing activities
Proceeds from sale of investments 151,265 73,912 163,287
Acquisition of investments - (349,706) (1,213,480)
Loans to investments (26,000) (89,000) (123,933)
Interest received 2,644 32,564 36,491
Net cash flow used in investing activities 127,909 (332,230) (1,137,635)
Financing activities
Funds raised, net of share issue costs 279,594 - -
Net cash flow from financing activities 279,594 - -
Net increase / (decrease) in cash and cash equivalents 184,725 (647,675) (1,678,644)
Cash and cash equivalents at the start of the period 63,671 1,742,315 1,742,315
Cash and cash equivalents at the end of the period 248,396 1,094,640 63,671
Attributable to owners of the Parent
Share Capital Share Premium Share based payment Reserve Retained Earnings Total Total Equity
£ £ £ £ £ £
At 31 March 2024 (audited) 1,274,469 5,370,711 598,188 (3,846,042) 3,397,326 3,397,326
Total comprehensive income for the period - - - 43,606 43,606 43,606
Transactions with owners recorded directly in equity:
Share based payments - - 17,366 - 17,366 17,366
At 30 September 2024 (unaudited) 1,274,469 5,370,711 615,554 (3,802,436) 3,458,298 3,458,298
Total comprehensive income for the period - - - (1,132,507) (1,132,507) (1,132,507)
Transactions with owners recorded directly in equity:
Share based payments - - 3,713 - 3,713 3,713
Transfer to retained earnings - surrender of options - - (416,027) 416,027 - -
At 31 March 2025 (audited) 1,274,469 5,370,711 203,240 (4,518,916) 2,329,504 2,329,504
Total comprehensive income for the period - - - 129,044 129,044 129,044
Transactions with owners recorded directly in equity:
Allotment of shares 295,000 - - - 295,000 295,000
Cost of shares issued - (15,406) - - (15,406) (15,406)
Share based payments - - 14,880 - 14,880 14,880
Transfer to retained earnings - surrender of options - - (7,941) 7,941 - -
At 30 September 2025 (unaudited) 1,569,469 5,355,305 210,179 (4,381,931) 2,753,022 2,753,022
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 Truetide plc ("Truetide" 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 2025. The interim financial
statements should be read in conjunction with the Annual Report and Accounts
for the year ended 31 March 2025 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 25 October 2025 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 2025 has
been extracted from the Group's Annual Report and Accounts for the year ended
31 March 2025 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 2025.
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 2025 and which will form the basis of
the 2025 Annual Report and Accounts. The interim financial statements have
been prepared on the same basis as the financial statements for year ended 31
March 2025 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 2025 30 Sept 2024 31 Mar 2025
(unaudited) (unaudited) (audited)
£ £ £
Profit/ (Loss) for the period attributable to equity holders of the parent 129,044 43,606 (1,088,901)
Weighted average number of ordinary shares in issue:
- For basic earnings per ordinary share 78,473,489 63,723,489 63,723,489
- Potentially dilutive ordinary shares - - -
- For diluted earnings per ordinary share 78,473,489 63,723,489 63,723,489
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 no potentially
dilutive ordinary shares.
3 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 2024 (audited) 1,614,095 - - 39,246 - 1,653,341
Additions at cost 327,206 - - 22,500 - 349,706
Disposals (84,000) - - - - (84,000)
Amount owed to creditors - - - (11) - (11)
Change in Fair Value 464,992 - - (34,417) - 430,575
At 30 September 2024
(unaudited) 2,322,293 - - 27,318 - 2,349,611
Additions at cost 863,774 - - - - 863,774
Disposals (103,079) - - - - (103,079)
Amount owed to creditors - - - 2 - 2
Change in Fair Value (839,303) - - 47 - (839,256)
Impairment - - - -
At 31 March 2025 (audited) 2,243,685 - - 27,367 - 2,271,052
Additions at cost - - - - - -
Disposals (163,254) - - - - (163,254)
Amount owed to creditors - - - - - -
Change in Fair Value 289,121 - - 146,387 - 435,508
At 30 September 2025
(unaudited) 2,369,552 - - 173,754 - 2,543,306
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'. When using
the DCF valuation method, reasonably possible alternative assumptions could
have a material effect on the fair valuation of investments. The impact on
the fair value of investments if the discount rate and provision shift by 1%
is £25,429 (2024: £23,496).
4 Share capital
30 Sept 2025 30 Sept 2024 31 Mar 2025
(unaudited) (unaudited) (audited)
Authorised £ £ £
108,473,489 ordinary shares of 2 pence each 2,169,469 1,674,470 1,674,470
(30 September 2024: 83,723,489,
31 March 2025: 83,723,489)
Allotted, called up and fully paid
78,473,489 ordinary shares of 2 pence each 1,569,469 1,274,469 1,274,469
(30 September 2024: 63,723,489,
31 March 2025: 63,723,489)
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.
5 Subsequent Events
On 14(th) October 2025, the company announced that it had sold its interest in
Kirkstall Limited to Imaging Biometrics in exchange for a convertible loan
note (CLN) of £170,000. The CLN has a principal value
of £170,000, £146,421.41 of which will be subscribed for by Truetide in
settlement of the Consideration and £23,578.59 will be subscribed for in
cash.
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.truetide.co.uk (http://www.truetide.co.uk) .
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