30th Jul 2018 12:16
LONDON (Alliance News) - Arden Partners PLC on Monday said its loss widened in the first half of its current financial year as it invested heavily in restructuring the business.
The stockbroking company said its pretax loss widened in the six months to the end of April to GBP2.6 million from GBP1.3 million reported for the same period a year earlier. Revenue also declined to GBP2.6 million from GBP2.9 million.
Arden Partners said it restructured the business over the last twelve months and made significant investment in every department across the platform.
As a result, the number of corporate clients grew to 53 from 40, and the company said it had a significant pipeline of well-advanced corporate transactions by the end of the period.
The company also said it more than doubled the size of its research team. It has established an institutional sales team of eight people to cover a wide spectrum of institutional clients, wealth managers and family offices.
"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," said Chief Executive Donald Brown.
"We have an exciting corporate pipeline and we are confident that we can execute on it," added Brown.
Shares in Arden Partners were trading 5.3% lower on Monday at 40.26 pence each.
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ARDN.L