Member Article

Stock broker reports £1m profits, down 16.6%

Stock brokering business, Arden, reported a fall in underlying pre-tax profits, down 16.6% to £1m for the year ending 31st October.

The firm, which is based in London, Birmingham, Bristol, and internationally, said profits before tax were down to £0.2m from £0.6m the previous year.

Basic earnings per share also dropped from 2.2 pence in 2011 to 0.6 pence per share for the past 12 months.

Arden highlighted 15 transactions made throughout 2012, including 10 mergers and acquisitions and five secondary fundraisings.

In total the firm, which trades on the London AIM stock exchange , raised £166m for its clients, and extended its list of corporate clients from 32 to 36.

Peter Moon, Arden’s chairman, commented: “I am pleased to report that Arden has remained profitable over the last financial year.

“Markets have been tough and only brokers who have made substantial changes to their business models have survived in good shape.

“Arden has changed by reducing overheads significantly year-on-year for the past two years and is now in a more positive position of expected revenues against its overhead base.”

This was posted in Bdaily's Members' News section by Miranda Dobson .