Giles Hargreave increases his holding in Avisen

Citywire A-rated small-cap stock picker Giles Hargreave has upped his stake in business management consultancy and software designer Avisen (AVI.L).

Hargreave, one of the UK’s most successful small-cap managers, increased his investment from 17.29 million shares to 17.69 million, or 5.07%, worth £70,799 at a share price of 4p.

The shares are held in funds managed on behalf of fund manager Marlborough, by Hargreave’s family brokerage and investment business Hargreave Hale (HHV.L).

Avisen filed a loss of £7.8 million in 2010 on a one-off impairment charge against earlier acquisition, Xploite, but bounced back to an £800,000 profit in the first half of 2011.

The company carries no debt and has built up a cash pile of £2.9 million, even after a £4.7 million merger with fellow AIM-listed firm and data management business 1Spatial in November last year.

The purchase makes Hargreaves Hale one of the two largest external investors in the business.