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2 Nov 2010 07:00
Arden Partners plc ("Arden" or the "Company")
Trading update
Arden (AIM: ARDN.L) today announces a trading update ahead of its close period relating to the year ended 31 October 2010.
On 10 September 2010 Arden issued a trading update to the effect that the Company would not meet market expectations. Since then the Company has completed two large corporate transactions and equity trading has been better than expected.
During the year ended 31 October 2010 the Company has rationalised its cost base and the Board now expects the Company to report a small net operating profit post charging exceptional items but before charging IFRS 2, share based payments. Exceptional items totalled some £800k. The Board believes that this will be a satisfactory result given difficult market trading conditions. The business has been cash generative for the year and at 31 October 2010 the Company had strong cash balances and regulatory capital.
The small and mid-cap market continues to be difficult but, with our corporate finance pipeline and a strong balance sheet, the Board believes that the Company is well positioned to take advantage of any upturn.
It is intended that the results for the year ended 31 October 2010 will be announced on 11 January 2011.
For further information, please contact:
Arden Partners plc 020 7614 5900
Jonathan Keeling - Chief Executive Officer
Trevor Norris - Group Finance Director
Altium 020 7484 4040
Phil Adams
Buchanan 020 7466 5000
Mark Edwards
James Strong
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