Truetide PLC Reports Tripled Profit in Interim Results Amid Strategic Rebrand

Interim results: profit triples and a fresh name for Truetide PLC

Truetide PLC (AIM: TRUE) has posted a tidy interim profit for the six months to 30 September 2025 and rebranded from Braveheart Investment Group. The headline is simple: profit more than tripled, NAV recovered from March, and the portfolio skews heavily to quoted names that investors can track in real time.

Here is the snapshot.

Metric	Six months to 30 Sep 2025	Comparatives
Profit after tax	£129,000	£43,000 (30 Sep 2024)
Earnings per share	0.16p	0.07p (30 Sep 2024)
NAV	£2,753,022	£3,458,298 (30 Sep 2024)
NAV per share	3.51p	not disclosed for comparatives
Investment portfolio value	£2,543,306	£2,349,611 (30 Sep 2024)
Cash	£248,396	£1,094,640 (30 Sep 2024)
Shares in issue	78,473,489	63,723,489 (30 Sep 2024)
Fundraise in period	£295,000 gross (£279,594 net)	n/a

What powered the profit in H1 FY2026

The income statement is dominated by investment movements. Fair value gains of £435,508 outweighed modest revenue of £7,981 and a £11,989 loss on disposals. Operating costs fell year on year to £277,553, helped by lower employee benefits expense.

Cash from operations was negative at £222,778, offset by £127,909 from investing activities and £279,594 net from the placing. The fundraise explains the stronger period-end cash versus March, although cash is still well down on last year.

Portfolio mix and valuation drivers

The Group values its historic pre-2015 portfolio at £0. The current value is therefore carried by post-2015 holdings, mostly quoted. The fair value hierarchy shows:

• Level 1 quoted investments: £2,369,552
• Level 3 unquoted equity: £173,754

That split matters. With most value in quoted names, NAV will be more transparent day to day, which management flagged as a near-term focus.

Strategic holdings: operational updates

Paraytec Limited – 100% owned, book value £Nil

Paraytec designs detectors for analytical and life science markets. The CX300 is a portable flow cytometer for particle detection from 10 nm to 20 µm. Analytik Limited is handling UK commercialisation, with a push into extracellular vesicle research. A two-colour instrument is in development and the first production batch is being tested with university partners. The carrying value is nil, so any commercial traction could represent upside if revalued later, but there is no valuation uplift booked yet.

Gyrometric Systems – 21.43% owned, book value £27,323

Gyrometric provides digital monitoring for rotating machinery, particularly where vibration methods struggle. It booked additional orders from a leading marine propulsion client and is fronting a UK-US research project on thin-film journal bearings and real-time monitoring for wind turbines, backed by Innovate UK and NOWRDC. Instruments have shipped to the US with lab trials at Kingsbury set for November 2025. If successful, management sees scope across both new build and refurb turbines.

Quoted holdings to watch

• Autins Group plc – 29.09%, book value £1,429,560. Unaudited five-month sales were £7.7 million with a net loss before tax of £258,000. Operations were hit by the JLR cyber incident. Shareholders voted to retain the Non-executive Chair despite Truetide urging a refresh.
• Built Cybernetics plc – 4.1%, book value £327,540. Trading for the year is challenging, but orders strengthened in September.
• Image Scan Group plc – 7.4%, book value £141,704. Launched AI threat recognition and won a major portable X-ray contract for military and counter-terrorism. Sales are below expectations, but cash is solid.
• Imaging Biometrics Limited (IBAI) – 29.35%, book value £470,703. Announced development agreements with MedImageMetric and Vivan Therapeutics in the period and, post period, acquired a controlling interest in Kirkstall Limited from Truetide. Trevor Brown is CEO of IBAI.

Smaller legacy positions remain, with exits sought where practical.

Kirkstall sale and CLN mechanics

Post period end, Truetide sold its entire holding in Kirkstall Limited for £146,421, announced on 14 October 2025. The company later disclosed it received a £170,000 convertible loan note (CLN) from Imaging Biometrics, of which £146,421.41 settled the consideration and £23,578.59 was subscribed in cash. The RNS highlights an emerging US opportunity for Kirkstall’s QV1200, and the rationale to align it with IBAI’s US footprint.

If that CLN converts or appreciates, it could reshape the mix of quoted versus unquoted exposure. For now, the period-end book value for Kirkstall was £146,421 and is now exited.

Rebrand to Truetide: substance over style

The group changed its name to Truetide plc on 9 October 2025. Name changes do not move cash flows, but they can signal a reset. The CEO’s outlook ties near-term performance directly to the quoted portfolio, which should make NAV movements easier for investors to follow.

Cash, dilution and runway

• Cash rose to £248,396 at period end, from £63,671 in March, thanks to the £295,000 placing and broker option. Operating cash burn was £222,778 in the half.
• 14,750,000 new shares were issued in the period, taking the total to 78,473,489. That is a standard trade-off: near-term dilution for balance sheet support.
• Liabilities remain light at £52,289, and the going concern statement is affirmative.

Why this update matters for investors

Profitability is welcome, but it is primarily mark-to-market and valuation gains rather than cash earnings. NAV at £2.7 million is below last year but up versus March, which suggests some recovery in holdings. With most value in quoted stakes, you can track the story between RNS drops, particularly Autins, Built Cybernetics, Image Scan and IBAI.

My take: the good, the bad, and the watch list

• Positives
  • Profit up to £129,000 and a £435,508 uplift in investment values.
  • NAV per share at 3.51p and higher than March, helped by market moves and portfolio management.
  • Clearer focus on quoted investments, which improves transparency.
• Negatives
  • Cash remains modest at £248,396 and operations used cash in the half.
  • Autins is loss-making so far this year and affected by external disruption.
  • Paraytec is carried at £Nil, so commercial progress is still to be reflected in value.
• Watch next
  • November 2025 trials for Gyrometric in the US and any follow-on orders.
  • Trading updates from Autins, Built Cybernetics and Image Scan that could swing NAV.
  • Any revaluation triggers from Paraytec’s two-colour instrument rollout.
  • Terms or conversion outcomes on the £170,000 IBAI CLN tied to the Kirkstall sale.

Bottom line

Truetide’s first half shows the benefit of a market-facing portfolio: results can move quickly when quoted holdings recover. The rebrand sets a cleaner narrative, but the investment case still hinges on execution in a handful of names and disciplined cash management. If the listed holdings continue to firm up and Gyrometric or Paraytec deliver catalysts, the second half could add to that 3.51p NAV. Equally, market volatility will cut both ways, so keep one eye on the screens and the other on the next RNS.