We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| 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 May 2019 to May 2024
TIDMARDN
RNS Number : 7357H
Arden Partners plc
12 June 2017
Arden Partners plc
("Arden" or the "Group")
Unaudited interim results for the six months ended 30 April 2017
Arden Partners plc (AIM: ARDN.L), the institutional stockbroking company, today announces its unaudited interim results for the six month period ended 30 April 2017.
Highlights
-- Revenue: GBP2.9m (2016: GBP2.7m) -- Loss before tax: GBP1.3m (2016: GBP0.7m) -- Basic loss per share: 7.1p (2016: 4.2p) -- No interim dividend proposed (2016: nil) -- Tier 1 Capital Adequacy Ratio at 30 April 2017: 367%
Commenting on the interim results and outlook for the business CEO James Reed-Daunter said:
"After a disappointing first half we are currently active on a number of corporate mandates and I look to the second half and beyond with confidence"
Hot Features
Premium
Arden Partners plc 0207 614 5900
James Reed-Daunter - Chief
Executive Officer
Steve Wassell - Chief Operating
Officer
GCA Altium - NOMAD to Arden
Partners plc 0207 484 4040
Sam Fuller
CHIEF EXECUTIVE'S STATEMENT
It is disappointing to announce a loss in H1 of GBP1,269k (2016 loss: GBP766k). This is due predominantly to the extremely limited delivery of the pipeline of corporate work which fell well short of internal budgets.
The current corporate pipeline of business is however encouraging and we are active on a number of corporate mandates, covering M&A, IPOs and Secondary fundraisings. Although delivery will be subject to market conditions I look to the second half and beyond with confidence.
The equities trading team which started with Arden towards the latter part of 2016 is now fully operational and continues to function ahead of internal expectations.
We were delighted to announce on 25th May 2017 the arrival of Donald Brown as CEO (designate) and the Arden platform has further been strengthened with the recent appointments of Fraser Marshall as Head of Equities and Tim Dainton as Head of Research. Together with the incumbent personnel we now have in place an extremely experienced and knowledgeable team, with which to develop our equity capital business.
As also announced on 25th May 2017, we plan to further strengthen our balance sheet with the imminent launch of our own secondary placing to raise approximately GBP5m, where it is hoped to add several prominent institutional names to our list of shareholders.
Finally, I should like to thank all Arden personnel for their continued support and commitment to the business.
James Reed-Daunter
Chief Executive Officer
12 June 2017
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 April 2017
Six months Six months Year
ended ended ended
30 April 30 April 31 October
2017 2016 2016
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
---------------------------------- ------ ------------ ------------ -------------
Revenue 2 2,898 2,740 5,857
Operating expenses 3 (4,167) (3,506) (6,323)
---------------------------------- ------ ------------ -------------
Operating expenses
include:
Reorganisation costs (60) - -
Share based payments (27) (37) (22)
Exceptional costs (19) - -
Lease settlement credit - - 150
Other expenses (4,061) (3,469) (6,451)
---------------------------------- ------ ------------ ------------ -------------
Loss from operations (1,269) (766) (466)
Finance income 4 22 40
Finance cost (9) (1) (3)
Loss before tax (1,274) (745) (429)
Income tax - (32) (41)
---------------------------------- ------ ------------ ------------ -------------
Loss after tax attributable
to equity holders of
the parent (1,274) (777) (470)
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 (3) (2) (5)
Deferred tax taken - 7 -
to equity
Total comprehensive
income for the period (1,277) (772) (475)
================================== ====== ============ ============ =============
Loss per share
Basic and diluted 4 (7.1p) (4.2p) (2.5p)
================================== ====== ============ ============ =============
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
At 30 April 2017
At At
30 April 30 April At
2017 2016 31 October
Unaudited Unaudited 2016 Audited
GBP'000 GBP'000 GBP'000
------------------------------- ------------ ------------ ---------------
Assets
Non-current assets
Plant, property and
equipment 22 28 27
Deferred tax asset 50 59 50
-------------------------------- ------------ ------------ ---------------
Total non-current assets 72 87 77
-------------------------------- ------------ ------------ ---------------
Current assets
Financial assets designated
at fair value through
profit and loss 1,817 1,830 1,489
Available for sale financial
assets 557 555 552
Trade and other receivables 2,698 2,269 2,544
Stock borrowing collateral - 36 58
Cash and cash equivalents 3,528 4,621 5,170
Corporation tax asset - 7 -
------------------------------- ------------ ------------ ---------------
Total current assets 8,600 9,318 9,813
-------------------------------- ------------ ------------ ---------------
Total assets 8,672 9,405 9,890
-------------------------------- ------------ ------------ ---------------
Current liabilities
Financial liabilities
designated at fair value
through profit and loss (128) (24) (48)
Trade and other payables (2,671) (2,212) (2,719)
------------ ------------ ---------------
Total current liabilities (2,799) (2,236) (2,767)
-------------------------------- ------------ ------------ ---------------
Total liabilities (2,799) (2,236) (2,767)
================================ ============ ============ ===============
Net assets 5,873 7,169 7,123
================================ ============ ============ ===============
Equity:
Called up share capital 2,063 2,063 2,063
Share premium account 2,933 2,933 2,933
Employee Benefit Trust
reserve (849) (849) (849)
Capital redemption reserve 700 700 700
Available for sale reserve (1) (8) (11)
Retained earnings 1,562 2,615 2,836
-------------------------------- ------------ ------------ ---------------
Total equity before
deduction of own shares 6,408 7,454 7,672
Own shares (535) (285) (549)
-------------------------------- ------------ ------------ ---------------
Total equity 5,873 7,169 7,123
================================ ============ ============ ===============
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
For the period ended 30 April 2017
Six months Six months
ended ended Year ended
30 April 30 April 31 October
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
-------------------------------------- ------------ ------------ -------------
Operating activities before
tax
Loss from ordinary activities
before tax (1,274) (745) (429)
Adjustments for:
Fair value adjustments of
derivative financial assets (4) - (205)
Depreciation of fixtures,
fittings and computer equipment 9 13 23
Net interest payable / (receivable) 5 (21) (37)
Share based payments 27 37 22
-------------------------------------- ------------ ------------ -------------
Operating cash flow before
changes in working capital (1,237) (716) (626)
(Increase) / decrease in
operating assets (418) (175) 88
Increase / (decrease) in
operating liabilities 31 165 683
Purchase of available for
sale asset (508) (50) (50)
Proceeds from disposal of 500 - -
available for sale asset
Cash generated from operations (1,632) (776) 95
Income taxes paid - 10 10
-------------------------------------- ------------ ------------ -------------
Net cash flows from operating
activities (1,632) (766) 105
-------------------------------------- ------------ ------------ -------------
Investing activities
Purchases of property, plant
and equipment (4) (16) (26)
Net interest (paid) / received (6) 21 37
-------------------------------------- ------------ ------------ -------------
Net cash from investing activities (10) 5 11
-------------------------------------- ------------ ------------ -------------
Financing activities
Exercise of share options - - (31)
Proceeds from the sale of
own shares - 10 133
Purchase of own shares - - (420)
Net cash flows from financing
activities - 10 (318)
Decrease in cash and cash
equivalents (1,642) (751) (202)
Net cash and cash equivalents
at the beginning of the period 5,170 5,372 5,372
Net cash and cash equivalents
at the end of the period 3,528 4,621 5,170
====================================== ============ ============ =============
CONSOLIDATED CONDENSED STATEMENT OF CHANGES IN EQUITY
For the period ended 30 April 2017
Capital Employee Available
Share Redemption Own Benefit for
Share Premium Reserve shares Trust sale Retained
capital account Reserve Reserve earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ---------- ---------- ------------- ---------- ---------- ------------- ----------- ---------
Balance
at
31 October
2015 2,063 2,933 700 (295) (849) (6) 3,348 7,894
Loss for
period - - - - - - (777) (777)
Deferred
tax taken
to equity - - - - - - 7 7
Revaluation
of available
for sale
assets - - - - - (2) - (2)
Total
comprehensive
loss for
the period - - - - - (2) (770) (772)
Contributions
by and
distributions
to owners
Sale of
own shares - - - 10 - - - 10
Share based
payments - - - - - - 37 37
Balance
at
30 April
2016 2,063 2,933 700 (285) (849) (8) 2,615 7,169
Profit for
the period - - - - - - 307 307
Deferred
tax taken
to equity - - - - - - (7) (7)
Revaluation
of available
for sale
financial
assets - - - - - (3) - (3)
---------- ---------- ------------- ---------- ---------- ------------- ----------- ---------
Total
comprehensive
income for
the period - - - - - (3) 300 297
Contributions
by and
distributions
to owners
Purchase
of own shares - - - (420) - - - (420)
Sale of
own shares - - - 124 - - - 124
Share based
payments - - - - - - (15) (15)
Share options
exercised - - - 32 - - (64) (32)
Balance
at
31 October
2016 2,063 2,933 700 (549) (849) (11) 2,836 7,123
Loss for
period - - - - - - (1,274) (1,274)
Revaluation
of available
for sale
assets - - - - - (3) - (3)
Transferred
to retained
earnings
on disposal
of available
for sale
assets - - - - - 13 (13) -
Total
comprehensive
loss for
the period - - - - - 10 (1,287) (1,277)
Contributions
by and
distributions
to owners
Sale of - - - - - - - -
own shares
Share based
payments - - - - - - 27 27
Share options
exercised - - - 14 - - (14) -
Balance
at
30 April
2017 2,063 2,933 700 (535) (849) (1) 1,562 5,873
================ ========== ========== ============= ========== ========== ============= =========== =========
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1) Basis of preparation
As permitted under AIM listing rules, 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 2017.
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 2016.
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 2016 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statement for 2016 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.
Going concern
The financial statements of the Group have been prepared on a going concern basis as the Directors have satisfied themselves that, at the time of approving the financial statements and having taken into consideration the strength of the Group's statement of financial position and cash balances, the group has adequate resources to continue trading for the foreseeable future.
2) Revenue
Six months Six months Year
ended ended ended
30 April 30 April 31 October
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
--------------------------- -------------- -------------- --------------
Equities division 2,112 1,332 2,430
Corporate Finance division 786 1,408 3,427
--------------------------- --------------
Total revenue 2,898 2,740 5,857
=========================== ============== ============== ==============
3) Operating expenses
Six months Six months
ended ended
30 April 30 April Year ended
2017 2016 31 October
Unaudited Unaudited 2016 Audited
GBP'000 GBP'000 GBP'000
------------------------------- -------------- -------------- ---------------
Staff costs including
incentive scheme 1,579 1,923 3,672
Other overheads 1,243 1,280 2,192
------------------------------- -------------- -------------- ---------------
Staff and overhead costs 2,822 3,203 5,864
Reorganisation costs 60 - -
Share based payments 27 37 22
Exceptional costs 19 - -
Depreciation 9 13 23
Total overhead costs 2,937 3,253 5,909
Variable overheads including
settlement costs 1,230 253 414
------------------------------- -------------- -------------- ---------------
Total operating expenses 4,167 3,506 6,323
=============================== ============== ============== ===============
4) Loss per share
The basic loss per share of 7.1p (2016: 4.2p) is calculated on a loss after tax of GBP1,274,000 (2016: GBP777,000) and 17,962,894 (2016: 18,698,303) 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. For the year to 31 October 2016, the basic loss per share of 2.5p is calculated on a loss after tax of GBP470,000 and 18,734,234 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.
The basic loss per share has not been adjusted in respect of a dilution as the impact of the weighted average outstanding share options would be to decrease the loss per share.
The underlying basic loss per share of 6.5p (2016: 4.0p) for the six months ended 30 April 2017 is calculated on a loss after tax of GBP1,168,000 (2016: GBP740,000) being the loss after tax, adjusted for the effect of IFRS 2 costs of GBP27,000 (2016: GBP37,000), reorganisation costs of GBP60,000 (2016: GBPNil) and exceptional costs of GBP19,000 (2016: GBPNil). The underlying basic loss per share of 3.2p for the year to 31 October 2016 is calculated on a loss after tax of GBP598,000 being the loss after tax, adjusted for the effect of IFRS 2 costs of GBP22,000 and lease settlement credit of GBP150,000.
5) Dividends
The Directors have not proposed an interim dividend (2016: Nil).
INDEPENDENT REVIEW REPORT TO ARDEN PARTNERS PLC
Introduction
We have been engaged by the company to review the condensed interim set of financial statements in the half-yearly financial report for the six months ended 30 April 2017 which comprises the consolidated condensed statement of comprehensive income, the consolidated condensed statement of financial position, the consolidated condensed statement of cash flows, the consolidated condensed statement 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", pursuant to the Financial Reporting Council's (FRC) guidance on Review of Interim Financial Information. 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 ISAs (UK) 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 2017 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
12 June 2017
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR BLGDLIUGBGRC
(END) Dow Jones Newswires
June 12, 2017 02:00 ET (06:00 GMT)
1 Year Arden Partners Chart |
1 Month Arden Partners Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
