Braveheart Investment Shares Fall as Portfolio Company’s Sales Miss Views

Joe Hoppe

Shares of Braveheart Investment Group PLC fell on Tuesday after it said its portfolio company PhaseFocus Holdings Ltd. had lower-than-expected 2022 sales.

Shares of 0816 GMT were down 1.75p, down 18% to 7.75p.

The London-listed investment firm, which owns 44.69% of Phasefocus, said that since October's interim results Phasefocus has increased its stake in key components to offer customers shorter lead times. However, the loss of his Cytena as lead distributor has resulted in lower-than-expected sales in 2022.

Phasefocus now markets and sells directly in the EU and US and has already developed a promising sales pipeline, said Braveheart. The company said it remains optimistic about Phasefocus' future prospects and that he intends to participate in a proposed £300,000 ($365,550) additional funding round.

Braveheart also said its wholly-owned portfolio company, Paraitec's clinical research to develop rapid tests, continues to recruit participants and is driving an existing drive for the National Health Service Foundation Trust at Sheffield Teaching Hospital. It is running in parallel with the Thru Coronavirus Testing Service. Test results are currently scheduled for February.

"The commercial justification for the second phase longitudinal study will be determined by considering the general coronavirus testing market," Braveheart said.

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