(Alliance News) - Arrow Global Group PLC on Tuesday reported a "robust" performance for its first quarter of trading ahead of its imminent takeover.
The results come after Manchester-based Arrow accepted a GBP563 million takeover offer from TDR Capital LLP on March 31, that will see TDR buy Arrow for 307.5 pence per share in cash through a scheme of arrangement.
Arrow, a debt investor, posted total income for the three months ended March 31, of GBP78.2 million, up marginally by 1.4% from GBP77.1 million the same period a year before.
Quarterly profit before tax worsened compared to a year prior, down 12% to GBP6.0 million from GBP6.9 million.
Looking ahead, Arrow said it "remains cautious given the ongoing short-term uncertainty" but is in a "strong position" to take advantage of future opportunities following a good start to the year. It reiterated the guidance given following the posting of its 2020 financial results.
"Arrow has had a good start to the year, due to the strong commitment and dedication of colleagues and their relentless focus on maintaining excellent service to customers and clients," commented Chief Executive Lee Rochford.
"Our successful track record and the economic dislocation from the pandemic means we are well positioned to benefit from significant investment and asset servicing opportunities in our chosen markets."
Shares in Arrow were up 0.2% at 304.50 pence in London on Tuesday afternoon.
By Will Paige; willpaige@alliancenews.com
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