(Alliance News) - Arden Partners PLC on Monday said its loss narrowed slightly in the first half of its financial year due to lower operating expenses.
The Birmingham-headquartered institutional stockbroking company reported a GBP1.5 million pretax loss for the six months ended April 30, narrowed from a GBP1.6 million loss the year before.
While revenue was 28% lower at GBP2.3 million compared to GBP3.2 million the previous year, a drop in operating expenses of 21% to GBP3.8 million from GBP4.8 million helped narrow Arden's interim loss overall.
Chief Executive Donald Brown said: "During these unprecedented times our priorities have been ensuring the wellbeing of our staff and continuing to support our clients. We are grateful for our staff's efforts in ensuring that our business activities suffered no disruption and that the quality of our service has not been compromised.
"As a result of our swift actions, Arden continues to have the balance sheet strength and the people to compete effectively.
"Our clients continue to react to the significant effect of Covid-19 on their businesses and seek our support, for example, to raise equity or assist with development or acquisition plans. We have an encouraging pipeline of transactions and the company's performance for the current financial year as a whole is likely to be determined by the delivery of these deals."
Shares in Arden were untraded on Monday, having last closed at 6.50 pence in London.
By Anna Farley; annafarley@alliancenews.com
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