Arden Partners plc (AIM: ARDN.L), the institutional stockbroking company, today announces its unaudited results for the six month period ended 30 April 2018.
- Significant investment made in every department across the platform as the business has been restructured over the last twelve months
- Substantial 32.5% growth in retained corporate client list from 40 to 53 over the last twelve months improving the robustness of revenues
- Post MIFID II, signed research service agreements with a significant number of institutional clients across the UK
- Strong start to the second half of the financial year - both in terms of profitability and cash generation - with a number of transactions completed
- The Board is confident that the investment made will produce profitable growth in the short and medium term
- Revenue: £2.6m (2017: £2.9m)
- Loss before tax: £2.3m (2017: £1.3m)
- Basic loss per share: 7.8p (2017: 7.1p)
- Underlying Basic loss per share: 6.9p (2017: 6.5p)
- No interim dividend proposed (2017: nil)
- Tier 1 Capital Adequacy Ratio at 30 April 2018: 535% (2017: 367%)
Commenting on the interim results and outlook for the business, CEO Donald Brown said:
"Since I joined the Company, I have led a restructuring of the Arden platform and made significant investments into the business as reflected in the first half results being announced today.
We have had a strong start to the second half, already closing a number of corporate transactions, giving the board confidence that this investment will produce profitable growth in the short and medium term. We have an exciting corporate pipeline and we are confident that we can execute on it."