Arden Partners reports 15% sales rise
Birmingham stockbroker Arden Partners reported a rise in full-year revenue to £13.1 million for 2009 despite what it described as “challenging” conditions last year.
The firm said it had managed to increase revenue from £11.4 million the year before and underlying profit before tax also increased slightly, up to £2.2 million in 2009, from £2.1 million in 2008.
Arden Partners said it had looked after 16 completed transactions during the year, including nine M&A deals, six secondary fundraisings and one flotation.
The firm’s chairman Sir David Rowe-Ham said there had been a distinct difference between the two halves of the year.
“There is no doubt that this has been a challenging year for the City, however the second half of our financial year has reflected an improvement in market conditions and the board is satisfied with the overall results,” he said.
“We have a strong balance sheet and have generated cash and improved profitability. We closed the year with a cash balance of £10.5 million.
“Trading since our year end has been satisfactory.
“While volumes in the market have been low we have seen a number of corporate transactions complete and we have a satisfactory pipeline of new business subject to market conditions.”