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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Arden Partners Plc | LSE:ARDN | London | Ordinary Share | GB00B15CTY44 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 15.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMARDN
RNS Number : 7969N
Arden Partners plc
31 July 2014
Arden Partners plc
("Arden" or the "Group")
Interim results for the six months ended 30 April 2014
Arden Partners plc (AIM: ARDN.L), the institutional stockbroking company, today announces its unaudited interim results for the six month period ended 30 April 2014.
Highlights
-- Revenue GBP3.5m (2013: GBP5.7m) -- (Loss)/Profit before tax (GBP0.5m) (2013: Profit GBP1.0m) -- Basic (Loss)/Earnings per share (1.8p) (2013: Earnings 3.5p) -- Costs control maintained -- Number of retained corporate clients increased to 46
Commenting on the interim results CEO James Reed-Daunter said:
"After a frustrating first 6 months, I am pleased to report an encouraging start to the second half, with improved equity and corporate transaction revenues so far"
Arden Partners plc 0207 614 5900 James Reed-Daunter - Chief Executive Officer Steve Wassell - Chief Operating Officer Altium - NOMAD to Arden Partners plc 0207 484 4040 Phil Adams Sam Fuller
CHIEF EXECUTIVE'S STATEMENT
Financial review
The first half saw specific issues with 2 corporate transactions, one where the client pulled back from the transaction at the point of delivery, after Arden had completed the work, costing cGBP0.5m and the other was hit by the change in IPO market sentiment which resulted in lost fees of a further GBP0.5m.
Certain long term investments also saw a decline in mark to market book accounting values during the first half and whilst these are non-cash items, they did impact the overall performance by cGBP0.3m.
Revenue was down as a result of the above, against a strong comparative period - particularly in the equities division - in 2013, and has led us therefore to report a loss of GBP0.5m in the first six months of our financial year, against a profit in H1 2013 of GBP1.0m.
During the half year we have proactively recruited into key areas of the business and have made a number of significant hires, into both senior and entry level roles, the result of which will be to enhance our corporate offering and improve still further the service level we provide to all clients.
The balance sheet remains strong and we are pleased to report that the retained corporate client list has risen to 46.
The Directors are not proposing to pay an interim dividend. (2013: 1.25p)
Outlook
The second half pipeline is strong, with delivery, as ever, dependent on market conditions, and the executive team is confident of a satisfactory outcome for the full year.
James Reed-Daunter
Chief Executive
31 July 2014
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 April 2014
Hot Features
Premium
Year
Six months Six months ended
ended ended 31 October
30 April 2014 30 April 2013 2013
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
----------------------------------- ------ ---------------- ---------------- -------------
Revenue 2 3,487 5,702 10,103
Administrative expenses 3 (3,983) (4,731) (8,829)
----------------------------------- ------ ---------------- -------------
Administrative expenses include:
Share based payments (53) (30) (70)
Other expenses (3,930) (4,701) (8,759)
----------------------------------- ------ ---------------- ---------------- -------------
(Loss)/Profit from operations (496) 971 1,274
Finance income 24 34 71
Finance cost (2) (1) (4)
(Loss)/Profit before taxation (474) 1,004 1,341
Income tax 107 (269) (351)
----------------------------------- ------ ---------------- ---------------- -------------
(Loss)/Profit after taxation
attributable to equity holders
of the parent (367) 735 990
Other comprehensive income
for the period:
Items that may be reclassified
subsequently to profit or
loss:
Decrease in fair value on
available for sale financial
assets (6) (4) (11)
Deferred tax taken to equity - 3 -
----------------------------------- ------ ---------------- ---------------- -------------
Total comprehensive income
for the period (373) 734 979
=================================== ====== ================ ================ =============
(Loss)/Earnings per share
Basic 4 (1.8)p 3.5p 4.7p
Diluted 4 (1.8)p 3.3p 4.5p
=================================== ====== ================ ================ =============
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 April 2014
At At At
30 April 2014 30 April 2013 31 October
Unaudited Unaudited 2013 Audited
GBP'000 GBP'000 GBP'000
--------------------------------- ---------------- ---------------- ---------------
Assets
Non-current assets
Plant, property and equipment 68 131 92
Deferred tax 127 124 83
--------------------------------- ---------------- ---------------- ---------------
Total non-current assets 195 255 175
--------------------------------- ---------------- ---------------- ---------------
Current assets
Trading investments 3,927 5,005 6,756
Available for sale financial
assets 473 486 479
Trade and other receivables 8,927 20,670 18,578
Stock borrowing collateral - 231 1,098
Cash and cash equivalents 5,439 5,598 3,733
--------------------------------- ---------------- ---------------- ---------------
Total current assets 18,766 31,990 30,644
--------------------------------- ---------------- ---------------- ---------------
Total assets 18,961 32,245 30,819
--------------------------------- ---------------- ---------------- ---------------
Current liabilities
Trade and other payables (7,056) (20,798) (19,071)
Bank overdraft (1,013) - -
Corporation tax liability (202) (386) (315)
--------------------------------- ---------------- ---------------- ---------------
Total current liabilities (8,271) (21,184) (19,386)
--------------------------------- ---------------- ---------------- ---------------
Total liabilities (8,271) (21,184) (19,386)
================================= ================ ================ ===============
Net assets 10,690 11,061 11,433
================================= ================ ================ ===============
Shareholder Equity:
Called up share capital 2,296 2,283 2,296
Capital redemption reserve 467 467 467
Share premium account 2,933 2,933 2,933
Available for sale reserve (27) (14) (21)
Profit and loss account 6,139 6,924 6,804
--------------------------------- ---------------- ---------------- ---------------
Total equity before deduction
of own shares 11,808 12,593 12,875
Employee Benefit Trust reserve (849) (1,233) (1,046)
Own shares (269) (299) -
--------------------------------- ---------------- ---------------- ---------------
Total equity 10,690 11,061 11,607
================================= ================ ================ ===============
CONSOLIDATED STATEMENT OF CASH FLOWS
For the period ended 30 April 2014
Six months Six months Year ended
ended ended 31 October
30 April 2014 30 April 2013 2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------------------------- ---------------- ---------------- -------------
Operating activities before taxation
Net (loss)/profit from ordinary activities
before tax (474) 1,004 1,341
Adjustments for:
Fair value adjustments in respect
of unrealised profits 319 59 193
Depreciation 49 77 123
Net interest receivable (22) (33) (67)
Share based payments 53 30 76
--------------------------------------------- ---------------- ---------------- -------------
Operating (deficit)/surplus before
changes in working capital (75) 1,137 1,666
Decrease/(increase) in trade and other
receivables 9,651 (10,727) (8,635)
Decrease/(increase) in trading investments 2,511 (8) (1,888)
Decrease/(increase) in stock borrowing
collateral 1,098 (124) (991)
(Decrease)/increase in trade and other
payables (12,018) 11,731 10,001
Cash generated from operations 1,167 2,009 153
Income taxes paid - - (116)
--------------------------------------------- ---------------- ---------------- -------------
Cash flows from operating activities 1,167 2,009 37
--------------------------------------------- ---------------- ---------------- -------------
Investing activities
Purchases of property, plant and equipment (25) (17) (24)
Interest received 22 32 67
--------------------------------------------- ---------------- ---------------- -------------
Net cash from investing activities (3) 15 43
--------------------------------------------- ---------------- ---------------- -------------
Financing activities
Proceeds from the sale of own shares 217 - 332
Purchase of own shares (322) (1,321) (1,322)
Issue of shares - 13 25
Dividends paid to equity shareholders (366) - (264)
Net cash from financing activities (471) (1,308) (1,229)
Increase in cash and cash equivalents 693 716 (1,149)
Cash and cash equivalents at the beginning
of the period 3,733 4,882 4,882
Net cash and cash equivalents at the
end of the period 4,426 5,598 3,733
============================================= ================ ================ =============
Cash and cash equivalents included in the Statement of Cash Flows compromise the following amounts in the Statement of Financial Position:
31 October
30 April 2014 30 April 2013 2013
GBP'000 GBP'000 GBP'000
--------------------------------------- --------------- --------------- ------------
Cash on hand and balances with banks 5,439 5,598 3,733
Bank overdraft (1,013) - -
--------------------------------------- --------------- --------------- ------------
Net cash from financing activities 4,426 5,598 3,733
--------------------------------------- --------------- --------------- ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the period ended 30 April 2014
Employee
Share Capital Benefit Available
Share Premium Redemption Own Trust for sale Retained
capital account Reserve shares Reserve Reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ---------- ---------- ------------- ---------- ---------- ------------- ----------- ---------
Balance at
31 October
2012 2,501 2,933 237 (661) (607) (10) 7,214 11,607
Profit for
year - - - - - - 990 990
Revaluation
of available
for sale
assets - - - - - (11) - (11)
Total
comprehensive
income for
the year - - - - - (11) 990 979
Share based
payments - - - - - - 76 76
Issue of
shares 25 - - - - - - 25
Purchase of
own shares - - - (696) (626) - - (1,322)
Sale of own
shares - - - 299 - - - 299
Own shares
cancelled (230) - 230 1,058 - - (1,058) -
Sale of shares
by Employee
Benefit Trust
to satisfy
employee
share
schemes - - - - 187 - (154) 33
Dividends paid
to equity
shareholders - - - - - - (264) (264)
Balance at
31 October
2013 2,296 2,933 467 - (1,046) (21) 6,804 11,433
Loss for
period - - - - - - (367) (367)
Revaluation
of available
for sale
assets - - - - - (6) - (6)
---------- ---------- ------------- ---------- ---------- ------------- ----------- ---------
Total
comprehensive
income for
the year - - - - - (6) (367) (373)
Share based
payments - - - - - - 53 53
Deferred tax
taken to
equity - - - - - - 48 48
Purchase of
own shares - - - (322) - - - (322)
Sale of own
shares - - - 53 - - - 53
Sale of shares
by Employee
Benefit Trust
to satisfy
employee
share
schemes - - - - 197 - (33) 164
Dividends paid
to equity
shareholders - - - - - - (366) (366)
---------------- ---------- ---------- ------------- ---------- ---------- ------------- ----------- ---------
Balance at
30 April 2014 2,296 2,933 467 (269) (849) (27) 6,139 10,690
================ ========== ========== ============= ========== ========== ============= =========== =========
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1) Basis of preparation
As permitted, IAS 34, 'Interim Financial Reporting' has not been applied in this interim report.
The financial information presented in this report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the year ending 31 October 2014.
These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board as endorsed for use in the European Union, and these principles are disclosed in the Financial Statements for the year ended 31 October 2013.
The financial information in this interim report does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006.
The Annual Report and Financial Statements for 2013 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statement for 2013 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.
2) Revenue
Year
Six months Six months ended
ended ended 31 October
30 April 2014 30 April 2013 2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------ ---------------- ---------------- --------------
Equities division 1,315 2,983 5,046
Corporate Finance division 2,172 2,719 5,057
------------------------------ ----------------
Total revenue 3,487 5,702 10,103
============================== ================ ================ ==============
3) Administrative expenses
Six months Six months
ended ended Year ended
30 April 2013 30 April 2013 31 October
Unaudited Unaudited 2013 Audited
GBP'000 GBP'000 GBP'000
------------------------------------------- ---------------- ---------------- ---------------
Staff costs including incentive
scheme 1,911 2,570 4,677
Other overheads 1,487 1,408 2,773
------------------------------------------- ---------------- ---------------- ---------------
Staff and overhead costs 3,398 3,978 7,450
Share based payments 53 30 76
Depreciation 49 77 124
------------------------------------------- ---------------- ---------------- ---------------
Total overhead costs 3,500 4,085 7,650
Variable overheads including
settlement costs 483 646 1,179
------------------------------------------- ---------------- ---------------- ---------------
Total administrative costs 3,983 4,731 8,829
=========================================== ================ ================ ===============
4) (Loss)/Earnings per share
The basic loss per share of 1.8p (2013: 3.5p earnings) is calculated on a loss after tax of GBP367,000 (2013: profit GBP735,000) and 20,660,405 (2013: 21,185,340) being the weighted average number of ordinary shares in issue during the period less shares held in Treasury and by the Arden Partners Employee Benefit Trust.
No adjustment has been made to the diluted loss per share of 1.7p as the dilution effect of the weighted average number of outstanding share options of 1,245,801 would be to decrease the loss per share. In the prior period diluted earnings per share takes account of the weighted average number of outstanding share options being 860,806
The underlying basic loss per share of 1.7p (2013: 3.6p earnings) for the six months ended 30 April 2014 is calculated on a loss after tax of GBP314,000 (2013: profit GBP765,000) being the loss after tax, adjusted for the current tax impact of IFRS 2 costs of GBP53,000 (2013: GBP30,000).
5) Dividends
Year
Six months Six months ended
ended ended 31 October
30 April 2014 30 April 2013 2013
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------------------------- ---------------- ---------------- --------------
Interim dividend year ended 31
October 2013 - 264 264
Final dividend year ended 31
October 2013 366 - 366
Distribution to equity shareholders 366 264 530
=============================================== ================ ================ ==============
The Directors have not proposed an interim dividend (2013: 1.25 pence per share).
INDEPENDENT REVIEW REPORT TO ARDEN PARTNERS PLC
Introduction
We have been engaged by the company to review the interim set of financial statements in the half-yearly financial report for the six months ended 30 April 2014 which comprises the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of cash flows, the consolidated statements of changes in equity and the related explanatory notes that have been reviewed.
We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' responsibilities
The interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on AIM which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.
Our responsibility
Our responsibility is to express to the company a conclusion on the interim set of financial statements in the half-yearly financial report based on our review.
Our report has been prepared in accordance with the terms of our engagement to assist the company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on AIM and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim set of financial statements in the half-yearly financial report for the six months ended 30 April 2014 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.
BDO LLP
Chartered Accountants and Registered Auditors
London
United Kingdom
31 July 2014
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127)
CORPORATE INFORMATION
Company Secretary & Registered Steve Wassell
Office Arden Partners plc
Arden House
17 Highfield Road
Edgbaston
Birmingham
B15 3DU
Direct line : 0121 423 8993
Directors Peter Moon Non Executive Chairman
Chairman of Remuneration
Committee
Chairman of Nominations
Committee
James Reed-Daunter Chief Executive Officer
Jonathan Keeling Executive Deputy Chairman
Steve Wassell Chief Operating Officer
Mark Ansell Non Executive Director
Chairman of Audit Committee
-------------------------------------------------------
Company Number 4427253
-------------------------------------------------------
Company Web Address www.arden-partners.com
-------------------------------------------------------
Nominated Advisor Altium Capital Limited
30 St James's Square
London
SW1Y 4AL
-------------------------------------------------------
Registrar Capita IRG Plc
40 Dukes Place
London
EC3A 7NH
-------------------------------------------------------
Lawyers Eversheds LLP
1 Wood Street
London
EC2V 7WS
-------------------------------------------------------
Auditors BDO LLP
55 Baker Street
London
W1U 7EU
-------------------------------------------------------
Bankers HSBC Bank plc
1(st) Floor
60 Queen Victoria Street
London
EC4N 4TR
-------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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