Arden Partners in profit boost
Birmingham-based Arden Partners is back in the black with a year-end pre-tax profit of £600,000. The stockbroker said market conditions have been "the most challenging since the 1970s".
The company moved out of the red after posting a loss before tax of £500,000 at its 2010 year-end.
Despite the positive profit line, revenue fell from £13m to £12.4m over the year to 31 October. Basic earnings per share hit 2.2p after recording a loss per share of 4.2p in the previous year.
Lord Flight, chairman of Arden partners, said: "Given the significant business pressures I am pleased to report that Arden has remained profitable over the last financial year.
"The stockbroking sector is facing perhaps the most difficult and challenging conditions since the 1970s, however the lower overhead base, a strong balance sheet and our Indian franchise should stand Arden in good stead for the new financial year."
