News blog
Arden Partners
- BY: Andrew Hore |
- POSTED: 31/01/2010 |
Aim adviser Arden Partners enjoyed a strong recovery in trading in the second half of the year to October 2009.
Revenues improved from £11.4m to £13.1m in the year to October 2009. The corporate finance operations reported slightly lower revenues with all the growth coming from the equities trading operations. Pre-share based payment profits rose from £2.1m to £2.2m and nearly all of that profit was in the second half.
Arden has appointed additional analysts including retail analyst Nick Bubb. The firm has also moved premises to 125 Old Broad Street - the former address of the London Stock Exchange.
Clients won during the year include brokers Evolution and Brewin Dolphin. Chief executive Jonathan Keeling admits that Arden’s resilient performance has been helped by its Indian client base. The broker’s only flotation last year was wind power generator Indian Energy, while many of its fundraisings, both last year and this year, have been for Indian clients.
Arden has raised £111m for clients since the end of October 2009. Last week, Aim-quoted clean energy projects investor Greenko Group raised £72m from a share placing at 140p a share to expand its portfolio of clean power generation projects. Arden jointly placed the shares with Mirabaud and underwrote the issue. Keeling says that there was strong demand for the shares. It took three days of meetings to raise the cash and some investors were scaled back. Keeling adds that there were even some investors who were disappointed not to be offered the chance to take part in the placing.
Arden had net cash of £10.5m at the end of October 2009.
At 107.5p a share, Arden is valued at £26.8m.
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