Argo today announces its interim results for the six months ended 30 June 2018. The Company will today make available its interim report for the six months period ended 30 June 2018 on the Company's website www.argogrouplimited.com.
Key highlights for the six months period ended 30 June 2018
This report sets out the results of Argo Group Limited (the "Company") and its subsidiaries (collectively "the Group" or "Argo") covering the six months ended 30 June 2018.
- Revenues US$2.2 million (six months to 30 June 2017: US$2.3 million restated)
- Operating loss US$0.6 million (six months to 30 June 2017: US$0.7 million restated)
- Loss before tax US$0.7 million (six months to 30 June 2017: profit US$1.1 million restated)
- Net assets US$23.8 million (31 December 2017: US$24.7 million)
Commenting on the results and outlook, Kyriakos Rialas, Chief Executive Officer of Argo said: "Emerging Market fixed income started the year with strong gains which were quickly reversed after April following increases in US treasury yields and particularly fears of an escalating trade war with China. The large outflows of funds affected the Argo Fund as well but to a much lesser extent than market benchmarks due to the overall short positioning of the fund. Although The Argo Fund outperformed the market all performance fees accrued in the first three months of the year have been wiped out in May and June 2018. We are currently seeing some stabilisation and new inflows into the EM space and we hope for positive returns in the second half of the year leading to performance fees for the investment manager. The distressed assets of the other funds are slow to recover but a combination of litigation pressure and continuous negotiations hopefully will lead to liquidity events for the Argo Distressed Credit Fund and the Argo Special Situations Find LP."