UPDATE: Arden Partners Eyes Indian Promise As CEO Steps Down

(Adds executive comments, analyst comments and share price.) By Rachael Gormley Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Stockbrokers Arden Partners PLC (ARDN.LN) Tuesday increased its focus on the burgeoning Indian market, as Chief Executive Officer Jonathan Keeling announced plans to become deputy chairman in order to concentrate on developing the company's franchise in the sub-continent, citing "immense demand." Keeling told Dow Jones Newswires there is "huge interest" in the London market from India and said it has an initial public offering from a "decent sized" Indian support services company that he hopes will complete in the second half. The company said Jeremy Grime from Arden's financials team has been appointed CEO-designate with immediate effect and will take on the role fully before the end of 2010, subject to regulatory approval. The stockbroker reported an "encouraging" first half, with revenue increasing 41% and the pretax loss narrowing slightly, and said it was well placed for growth and profitability from both the U.K. and Indian markets. "I'm reasonably optimistic about the second half, as we've got a significant pipeline of corporate transactions," Keeling said. "So long as the markets are ok, our pipeline will be delivered." For the six months ended April 30 Arden posted a pretax loss of GBP240,000 compared with a pretax loss of GBP278,000 in the same period a year earlier. The company invested in extra staff during the period, Arden said. Revenue increased to GBP6.5 million from GBP4.6 million while net assets rose to GBP12.3 million from GBP10.3 million. The company won't be paying an interim dividend. Altium analysts kept a "hold" rating and a 110 pence target price on the company following the results, saying that while Arden's corporate finance pipeline is strong, uncertainty over market conditions continues to push back mandates to later periods. At 1038 GMT, shares flat at 88.5 pence, while the wider FTSE AIM index was down 0.5%. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com (END) Dow Jones Newswires June 22, 2010 06:44 ET (10:44 GMT)