PERTH-based Braveheart Investment Group saw revenues slide by 31 per cent in the six months to the end of September while pre-tax profits dropped by almost 60 per cent.

That represented a fall in profits from £475,083 to £190,837.

However, as last year’s figures included a £303, 475 gain on the disposal of an investment, profits were actually up on a like for like basis despite the decline in revenue.

Chief executive Trevor Brown said this was because the firm felt the benefit of an earlier restructuring that resulted in staff costs falling by 40 per cent, from £250,000 to £170,562.

The firm currently has just over £1 billion across a varity of funds.