LONDON (SHARE CAST) - AIM-listed broker Arden Partners has reported a loss for the year to October 2010, but still make an underlying profit in Corporate Finance.
A couple of important fundraising at the end of the period helped increase the income of corporate finance, but secondary income from equity trading fell 29%.
Generally revenues were flat at £13m but there was a sway from a profit of £1.52m to a loss of £512,000. Stripping out share based payments of £1.08m, up from £702,000 the previous year, Arden was profitable. There were also restructuring costs of around £700,000 in the period following the departure of the chief executive Jeremy Grime. The underlying profit was £1.3m, down from £2.2m.
Arden intends to focus its activities on its core areas of the United Kingdom and India. CEO Jonathan Keeling, focusing on the possibility of India. Last month, Arden has raised £ 6,800,000 for Hardy Oil & Gas.
Net cash fell to 9 million pounds in late October 2010, but its financial position remains comfortable. At year end, Arden spent £ 947 000 to buy back shares.
Generally revenues were flat at £13m but there was a sway from a profit of £1.52m to a loss of £512,000. Stripping out share based payments of £1.08m, up from £702,000 the previous year, Arden was profitable. There were also restructuring costs of around £700,000 in the period following the departure of the chief executive Jeremy Grime. The underlying profit was £1.3m, down from £2.2m.
Arden intends to focus its activities on its core areas of the United Kingdom and India. CEO Jonathan Keeling, focusing on the possibility of India. Last month, Arden has raised £ 6,800,000 for Hardy Oil & Gas.
Net cash fell to 9 million pounds in late October 2010, but its financial position remains comfortable. At year end, Arden spent £ 947 000 to buy back shares.
