16th Feb 2021 08:59
(Alliance News) - Arden Partners PLC on Tuesday said it had made a good start to its most recently ended financial year but later trading was hurt by the Covid-19 pandemic.
The London-based corporate adviser and stockbroker said revenue in the year to the end of October 2020 totalled GBP5.9 million, down 11% from GBP6.6 million reported a year earlier.
Arden highlighted that revenue before equity trading losses increased by 7.2% on the previous year.
Pretax loss for financial 2020 was GBP1.4 million, narrowed from GBP2.6 million loss the year before.
Net asset value per share, however, declined to 13.9 pence as at the end of October 2020 compared to 18.1p the year prior.
Arden Partners shares were untraded in London on Tuesday, last closing at 11.90p each.
"The strategies adopted in recent years regarding the changes in our industry and then those adopted to cope with the challenges posed by Covid-19 are now showing positive results and our team delivered a strong result in the second half of the year and this performance level has continued into the current year," noted Chair Mark Ansell.
"Whilst the macro outlook remains uncertain, our second half performance and more recent trading, together with less volatile equity markets and a good mergers & acquisitions pipeline, gives us confidence of a return to profitability in the current financial year," added Ansell.
By Evelina Grecenko; [email protected]
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