25th Jul 2019 13:22
(Alliance News) - Stockbroker Arden Partners PLC on Thursday posted a narrowed first half pretax loss on the back of higher revenue generation, but said trading was impacted by political and market uncertainty.
In the six months to April 30, the company's revenue rose 20% to GBP3.2 million from GBP2.6 million. Pretax loss narrowed 30% to GBP1.6 million from GBP2.3 million.
Chief Executive Donald Brown said: "Our first half performance reflects the continuing investor uncertainty and cautiousness towards the UK stock market. However, we are encouraged by the continuing progress at the company and, in particular, the growth in its corporate client list. We believe our investments into the group over the last two years have established a strong platform from which we can execute our ongoing growth strategy."
Divisionally, the company's corporate finance unit was the best performer, generating GBP2.7 million in revenue over the six month period, up from GBP2.0 million.
The wealth management division, which was launched during the quarter, generated maiden revenue of GBP100,000 and equities unit revenue fell to GBP400,000 from GBP600,000.
The company's operating expenses fell to GBP4.8 million from GBP5.0 million in the first six months of 2018.
Looking ahead, Arden said its full year results are set to "substantially second half weighted" but a volatile market could impact trading performance.
The company did however report that it has traded profitably so far in the second half.
Like last year, it has not proposed an interim dividend.
Shares in Arden were down 12% at 15.00 pence each in London on Thursday evening.
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