Ambrian Capital is finding trading tough in its investment banking division.
Ambrian Partners moved from loss to breakeven in the first half of 2011 as revenues improved from £2.71m to £3.3m.
There are potential transactions in the pipeline but it is difficult to judge whether they will go ahead under current economic conditions. There is little visibility for this business. The size of the market making book has been reduced.
Ambrian Capital has written down Ambrian Partnersí intangible assets by £2.15m.
At 17.25p a share, down 4p, Ambrian Capital is valued at £18.4m. There will be no interim dividend.
Ambrian Capital has a net asset value of £31.4m.
Download the September 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2011_24.pdf
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