Interim Results - Six Months Ended 30 April 2013

Arden Partners plc

("Arden" or the "Group")

Interim results for the six months ended 30 April 2013

Arden Partners plc (AIM: ARDN.L), the institutional stockbroking company, today announces its unaudited interim results for the six month period ended 30 April 2013.

Highlights

·; Revenue £5.7m (2012: £5.6m)

·; Profit before tax £1.0m (2012: £0.6m)

·; Basic earnings per share 3.5p (2012: 1.7p)

·; Total funds raised for clients £141m

·; 2,301,529 treasury shares cancelled (representing 9.19% of issued share capital as at 15th April 2013)

·; Proposed interim dividend of 1.25 pence per share (2012: 0.65 pence per share)

Commenting on the interim results CEO James Reed-Daunter said:

" ……. Arden has delivered a solid first half performance and through a strong balance sheet and a consistent high level of service from a stable and experienced team, continues to provide a significant degree of comfort to our clients in the small and mid cap arena …."

CHIEF EXECUTIVE'S STATEMENT

Financial review

I am pleased to report that Arden has made an encouraging start to its financial year, producing an operating profit, for the six months to 30th April 2013, of £1.0m - an improvement of 67% on H1 2012 (£0.6m).

The result, which is stated after employee incentive payments attributable to out-performance in the first half, reflects the outcome of tightly controlling overheads and management continues to focus on reducing the cost base to maximise profit and cash generation.

During the six month period ended 30th April 2013, Arden was involved in placing over £141m for clients and directors, an increase of 100% over the £71m raised for clients in the same period last year.

Following this robust financial performance, the Directors propose to pay an interim dividend of 1.25 pence per share (2012: 0.65 pence per share).

On 16th April 2013, the company announced the cancellation of c.2.3million shares held in Treasury, representing approximately 9% of the issued share capital of the company. Since that date, the Company has taken advantage of the share price at current levels and has purchased further shares into Treasury, with the current holding at 525,459 shares (c.2.4% of the issued share capital).

Outlook

Despite markets being stronger so far in 2013, the headwinds facing the stockbroking sector continue. Commissions are still under significant pressure with no sign of relief, M&A activity is subdued and quoted companies are still cautious of the global economy.

Against this background, Arden has managed its cost base tightly, continued to evolve its business model and maintained a strong balance sheet, ensuring clients can have confidence in Arden over the long term, whatever the sector or economy might do, and a continuing high level of service from a stable, experienced team.

The pipeline of business remains encouraging for the second half, but is highly market dependent and the sector recovery in the small and mid cap arena has so far been more uncertain than in the global large cap environment.

We are appreciative of our growing portfolio of corporate clients for their ongoing support and also take this opportunity to thank our staff for their continued hard work.

James Reed-Daunter

Chief Executive

23 July 2013

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the period ended 30 April 2013

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 April 2013

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Unaudited Consolidated Statement of changes in equity for the six months ended 30 April 2013

Unaudited Consolidated Statement of changes in equity for the six months ended 30 April 2012

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

1) Basis of preparation

As permitted, IAS 34, 'Interim Financial Reporting' has not been applied in this interim report.

The financial information presented in this report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the year ending 31 October 2013.

These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board as endorsed for use in the European Union, and these principles are disclosed in the Financial Statements for the year ended 31 October 2012.

The financial information in this interim report does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006.

The Annual Report and Financial Statements for 2012 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statement for 2012 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

2) Revenue

3) Administrative expenses

4) Earnings per share

The basic earnings per share of 3.5p (2012: 1.7p) is calculated on a profit after tax of £735,000 (2012: £403,000) and 21,185,340 (2012: 23,729,453) being the weighted average number of ordinary shares in issue during the period less shares held in Treasury and by the Arden Partners Employee Benefit Trust.

Diluted earnings per share takes account of the weighted average number of outstanding share options being 860,806 (2012: 1,022,480).

The underlying basic earnings per share of 3.6p (2012: 3.1p) for the six months ended 30 April 2013 is calculated on a profit after tax of £765,000 (2012: £728,000) being the result after tax, adjusted for the current tax impact of IFRS 2 costs of £30,000 (2012: £135,000) and reorganisation costs of £Nil (2012: £190,000).

5) Dividends

The Directors have proposed an interim dividend of 1.25 pence per share (2012: 0.65 pence per share). This has not been recognised as a liability of the company as at 30 April 2013.

The interim dividend will be paid on 6 September 2013 to shareholders on the register at close of business on 9 August 2013, with an ex-dividend date of 7 August 2013.

INDEPENDENT REVIEW REPORT TO ARDEN PARTNERS PLC

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 April 2013 which comprises the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the consolidated statements of changes in equity and the related explanatory notes that have been reviewed.

We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on AIM which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.

Our report has been prepared in accordance with the terms of our engagement to assist the company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on AIM and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity'', issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 April 2013 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.

BDO LLP

Chartered Accountants and Registered Auditors

London

United Kingdom

23rd July 2013

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).