LONDON (Alliance News) - Arden Partners PLC held its full-year dividend flat Thursday after revenue fell and it sank to a loss amid tough conditions, despite profitability returning in the second half of the year.
For the year ended October, the stockbroker sank to a GBP2.8 million pretax loss from a GBP736,000 profit the year prior. This was after revenue fell to GBP7.4 million from GBP10.5 million the year before.
"Following the turnaround of the group and the significant investment across the platform in the first half of the current year, I am pleased to report that, on an underlying basis, we traded profitably in the second half of the year despite challenging market conditions," Arden Chair Mark Ansell said.
Arden held its 1.0 pence per share full-year dividend unchanged on the year prior.
"These challenging market conditions are likely to continue in the short-term, however, we are well placed to capitalise on opportunities as and when they arise," Ansell added. "Arden has the balance sheet strength and the people to continue to compete effectively."
Shares in Arden were untraded 27.00 pence on Thursday.