Arden Partners plc – Audited Results

Arden Partners plc – Audited Results

Arden Partners plc (AIM: ARDN), the institutional stockbroking company, today announces audited results for the year ended 31 October 2018.

Operational highlights

  • Substantial investment made across the Group to enhance its capabilities
    -   23% increase in overall headcount
  • New Wealth Management division established
    -   regulatory approvals received post year end
  • Equities operations restructured in response to MiFID II
    -   Sales trading operations brought wholly in-house
    -   Bristol office closed with operations transferred to London
  • Strengthened plc board
    -   Mark Ansell became Chairman and, post year end, appointment of Group Finance Director and independent Non-executive Director
  • Corporate clients increased to 51 at year end (2017: 38)
    -   Average market capitalisation of the client base: £125 million
  • Profitable trading (on an underlying basis*) in the second half of the financial year demonstrating positive impact from investment and restructuring
    -   25 corporate transactions completed in the financial year

Financial highlights

  • Revenue: £7.4 million (2017: £10.5 million)
  • Underlying operating loss*: £1.8 million (2017: £1.2 million operating profit)
  • Loss before tax: £2.8 million (2017: £0.7 million profit before tax)
  • Basic loss per share: 9.6p (2017: 3.3p earnings per share)
  • Capital adequacy ratio: 428% (2017: 652%)
  • Proposed dividend: 1.0p per share (2017: 1.0p)

* Operating profit/ (loss) and profit/ (loss) before tax as adjusted for the effect of share based payments, restructuring costs (including non-recurring costs related to the appointment and termination of personnel) and Wealth Management division start-up costs

Commenting on the results and Arden's outlook, Mark Ansell, Chairman, said:

"Following the turnaround of the Group and the significant investment across the platform in the first half of the current year, I am pleased to report that, on an underlying basis, we traded profitably in the second half of the year despite challenging market conditions. 

These challenging market conditions are likely to continue in the short-term, however, we are well placed to capitalise on opportunities as and when they arise.  Arden has the balance sheet strength and the people to continue to compete effectively."

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