AMBR.L Share News (AMBR)

Stockbroker Ambrian Capital moved back in the black during the first half of 2009 after almost tripling total income and boosting revenue by 84%.Pre-tax profit for the six months to 30 June was £2.28m. It lost £2.79m a year ago as new issues dried up on AIM and as institutions cut exposure to small caps due to the credit crunch. Revenue rose to £9.91m from £5.39m a year earlier. Total income rose from £3.74m to £10.13m. The company said the 'robust' performance was driven largely by the commodities businesses where revenue hit a record £6.52m. Physical metals merchanting, which Ambrian started in June 2008, did especially well. A big rise in commodity prices helped.Ambrian Metals benefited from record inflows to China of raw materials in the first six months of the year, the group said, while Corporate Finance & Equities traded profitably in the first half of 2009 on revenue of £3.39m, little changed.But chief executive Tom Gaffney warned that Chinese demand for raw materials is unlikely to be maintained, meaning income in the second half of 2009 was unlikely to reach the level achieved in the first half of the year.'Nevertheless, any acceleration in global economic recovery should see export led demand for raw materials from China and rapid re-stocking in North America, Europe and Japan,' he said.The interim dividend stays at 0.75p a share.