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Arden Partners
- BY: Andrew Hore |
- POSTED: 10/09/2010 |
- COMMENTS: Add yours
Aim adviser Arden Partners says that tough equity trading conditions mean that it will not meet profit expectations this year.
The shares fell 14p to 43.5p each, which values Arden at £11m.
Altium had forecast a profit of £1.6m in the year to October 2010. Revenues grew from £4.6m to £6.49m in the six months to April 2010. Underlying interim profits recovered from £28,000 to £446,000.
Arden has reduced its workforce numbers and overheads and this will lead to an exceptional charge. Until recent months, Arden was still adding employees.
Jeremy Grime is replacing Jonathan Keeling as chief executive now that his regulatory clearance has come through. Keeling becomes deputy chairman and focuses on adding to the Indian client base.
Arden is in the process of floating Indian outsourcing firm iEnergizer Ltd. This month’s flotation is expected to value it at £174m. The company plans to raise £37m of new money at 116p a share.
Download the September edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2010_12.pdf
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