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Arden Partners

  • BY: Andrew Hore |
  • POSTED: 22/06/2010 |

Aim adviser Arden Partners had a better first half but its revenues were still lower than the second half of last year.

Revenues grew from £4.6m to £6.49m in the six months to April 2010 but this was still nearly £2m lower than the £8.46m reported in the six months to October 2009. Revenues from equity trading were lower and that explains why there was a fall in group revenues in the latest period. Corporate finance revenues are continuing to recover. Arden raised £120m for clients in the period. Arden continues to add employees.

Underlying interim profits recovered from £28,000 to £446,000. There was £3.09m in the bank at the end of April 2010 but this increased to £8.9m just after the period end. There is no interim dividend.

Jeremy Grime is replacing Jonathan Keeling as chief executive later this year. Keeling will become deputy chairman and focus on adding to the Indian client base. Howard Flight has been appointed as a non-executive director. Philip Dayer is leaving the board.

At 88.5p a share, Arden is valued at £22.4m.

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