Arden confident after returning to profit
STOCKBROKER Arden Partners has said it remains cautiously optimistic about growth after announcing a 14% increase in revenues during the first half compared with last year.
The firm, which has a major operation in Birmingham, said income grew to £7.4m, compared with £6.5m in the same period last year. Pre-tax profit grew to £1.2m, which compares with a loss of £0.2m last year.
Basic profit per share grew to 3.7p, which compared with a loss of 1.7p per share last year.
Chief executive Jonathan Keeling said: “Trading results for May and June have been satisfactory, and Arden is engaged on a number of corporate finance mandates. I remain cautiously optimistic about continued improved results for 2010/2011 against a background of an encouraging pipeline of corporate transactions subject to timing and prevailing market conditions.”
He said the UK business performance was satisfactory against a difficult market background, boosted by a strong performance from its Indian franchise.
A strong balance sheet is underpinned by liquid resources which it believes will stand the business in good stead in the uncertain economic climate.
Its consolidated net assets are £13.3m before deduction of treasury shares (2010: £12.3m). As of April 30, 2011 the company held in Treasury 2,372,768 Arden Partners ordinary shares of 10p each at a total cost of £1.2m. The price paid for these shares ranged between 49p and 54.5p per ordinary share.
During the six months period to April Arden was involved in placing over £155m for clients and directors and since the period end we have raised a further £54m.
The board is not proposing the payment of an interim ordinary dividend.
