Aim adviser and bank Arbuthnot Banking reported much higher 2007 profits from its broking business.
The broking business improved profits from £5m to £8.1m. The private banking business also increased its profit but the profits of the retail bank, Secure Trust, dipped by one-quarter. The overall, pre-exceptional profits increased from £7.6m to £8.6m.
The broking side handled 49 transactions during the year including 20 M&A deals. This includes Aim and fully listed companies. The corporate client list has increased from 71 to 85. However, it warns that trading conditions are tough.
Chairman and Chief Executive Henry Angest believes that tax changes and costly regulations, including “the EU’s extensive financial services legislation“, could hurt the competitiveness of London compared with other financial centres.
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