THE Braveheart private equity business that made its name in Scotland has returned to the black in the latest year when it focused investing activity in England.

Perth-based Braveheart Investment Group made £780,000 pre-tax profit in the year to 31 March.

The business had lost £1.7 million in the preceding year, during which it slashed the valuation of a portfolio that includes a number of Scottish technology companies. The firm also completed a restructuring.

This left the slimmed down operation with a firm that deploys official funds to support growth companies in northern England and a portfolio of Scottish investments acquired in prior years.

Braveheart has continued to make investments on its own account with a focus on England in recent years.

The company invested £472,000 in three technology companies based in England in the latest year.

In the latest results announcement chief executive Trevor Brown said: “For the next year and beyond, our attention and resources will be focussed upon developing the three businesses where we now have significant commercial exposure.”

Mr Brown noted Braveheart generated a £303,000 gain on the sale of its holding in Strathclyde university spin-out mLED to a large US technology company in the latest year. He did not name the firm.

Braveheart’s portfolio includes 12 investments it made from 2002 until mid 2015.

Mr Brown said: “We will continue to manage the Portfolio with a view to seeking exits wherever possible and appropriate.”

Asked if Braveheart was now focused on England, he said: “It isn’t the case that we are focused on England,” adding: “We are well aware our roots are in Scotland.”

The company is looking for investments in Scotland and remains in contact with universities in the country.

Braveheart achieved an operating profit of £330,000 in the latest year after reducing its cost base.

Staff costs fell to £441,000 in the year to March, from £1,001,000 in the preceding period.

The average number of employees decreased by five. The group employs 10 people. Most are based in Yorkshire.

Braveheart’s Viking Fund Managers runs £54m funds that provide backing for small and medium sized enterprises in Yorkshire and Humberside. The group has £71m under management.

Mr Brown became chief executive in August 2015, when Geoffrey Thomson stepped down after 18 years in charge.

In the latest year Braveheart backed Yorkshire firms Kirkstall and Paraytec and Nottinghamshire-based Gyrometric Systems.

Shares in Aim-listed Braveheart closed up 0.5p at 15.5p.