Arden Partners sees its profits halved

STOCKBROKER Arden Partners has seen a marked decline in both revenue and profits.

The firm, which has a major operation in Birmingham, has blamed the challenging environment for the results.

It recorded revenue of £5.6m for the six months to April 30 compared to £7.4m for the corresponding period last year.

Profit before tax was £0.6m (2011: £1.2m).

CEO Jonathan Keeling said: “Trading in the markets so far in the second half has been challenging, due largely to the on-going Eurozone problems and these conditions are anticipated to remain until such time as a substantive geopolitical resolution is found.

“The balance sheet continues to be strong and allows the board to manage the business without any short-term cash concerns, continue to win new clients and provide all of our corporate clients with the comfort that they are looked after by a strongly capitalised broker.”