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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 : 1472V
Arden Partners plc
26 January 2017
Arden Partners plc
("Arden" or the "Company")
Audited results for the year ended 31 October 2016
Arden Partners plc (AIM: ARDN), the institutional stockbroking company, today announces audited results for the year ended 31 October 2016.
Financial highlights
-- Revenue GBP5.9 million (2015: GBP5.5 million) -- Loss before tax GBP0.4 million (2015: GBP2.1 million) -- Underlying loss before tax* GBP0.5 million (2015: GBP1.8 million) -- Basic loss per share 2.5p (2015: 10.8p) -- Capital adequacy ratio 404% (2015: 392%)
* Profit before tax as adjusted for the effect of share based payments, lease settlement credit and reorganisation costs
Operational highlights
-- Funds raised for clients GBP61m -- Retained corporate clients 39
Commenting on the results and Arden's outlook, Luke Johnson, Chairman, said:
"While the sector background and competitive forces remain ferocious, I am cautiously optimistic that in the medium term Arden can achieve a satisfactory level of profitability".
Arden Partners plc James Reed-Daunter - Chief Executive Officer Steve Wassell - Chief Operating 020 7614 5900 Officer GCA Altium Limited Sam Fuller 020 7484 4040
Chairman's Statement
Together with other small and mid-market stockbrokers, your company found trading conditions difficult in 2016.
However, the second half year delivered a better result than the first half, so that the full year loss was reduced from that recorded at the half year, and helped deliver a better result than in 2015.
We continue to face challenges: commissions are under pressure, and the regulatory burden grows remorselessly. All brokers like Arden will have to increasingly rely on their corporate client list to generate fees in order to succeed.
Given these circumstances, the executive have managed the company's cost base tightly. Cash is being preserved. At the end of the year under review, Arden recruited a first-rate execution team from a rival firm. Early indications are that they will add materially to equity trading commissions, and they are helping to grow Arden's corporate list in the current financial year.
I hope we will be able to announce further hires of able stockbrokers in the months to come. We will also look to evaluate potential acquisitions of complementary businesses to take advantage of synergies and cost savings. The industry must consolidate further if it is to prosper, and Arden has cash, and an excellent corporate client list.
While the sector background and competitive forces remain ferocious, I am cautiously optimistic that in the medium term Arden can achieve a satisfactory level of profitability.
Given the loss for the year it would be inappropriate to pay a dividend.
I would like to thank our institutional and corporate clients for their continued loyalty to Arden, and all the staff for their hard work during the 2016 financial year.
Luke Johnson
Chairman
Chief Executive's Statement
I am pleased to report that Arden ended the year on a positive note, producing a profit of GBP0.3m in the second half, thereby reducing the H1 loss of GBP0.7m previously reported.
In October we were delighted to announce the hiring of a top rated small and mid cap Sales and Trading team. Early indications are positive with a strong increase of revenues in this area and a number of corporate client wins.
Financial Review
Revenue in the year ended 31 October 2016 was GBP5.9m compared to GBP5.5m in 2015. The underlying loss before taxation, which is stated before adjusting for share-based payments, lease settlement credit and reorganisation costs, was GBP0.5m and compares to a loss before taxation in 2015, of GBP1.8m.
Overheads continue to be managed tightly, resulting in a further GBP0.9m reduction year on year.
The Board has continued to buy back the Company's shares, under the shareholders authority granted at the last AGM. During the year ended 31 October 2016, the Company purchased net, 744,266 ordinary shares for a consideration of GBP0.287m. At the financial year end the Company held 1,200,242 ordinary shares in treasury at a total cost to the Company of GBP0.5m.
Outlook
Arden has managed its cost base tightly over the past two years, during what has been a difficult trading environment for the small and mid cap sector. Notwithstanding the generally harsh industry backdrop, we are encouraged by recent hires and are keen to recruit further quality individuals and teams on to what is a clean and financially strong platform. This will be key to continuing the momentum generated in H2 2016 into Arden's current financial year.
Finally may I take this opportunity to thank all our clients for their continued support and our staff for their dedication and hard work throughout the year.
James Reed-Daunter
Chief Executive Officer
Consolidated Statement of Comprehensive Income
For the year ended 31 October 2016
Hot Features
Premium
2016 2015
Note GBP'000 GBP'000
-------------------------------- ------ --------- ---------
Revenue 2 5,857 5,486
Administrative expenses (6,323) (7,646)
-------------------------------- ------ --------- ---------
Loss from operations (466) (2,160)
Finance income 40 65
Finance expense (3) (2)
-------------------------------- ------
Loss before taxation (429) (2,097)
Income tax charge (41) -
-------------------------------- ------ --------- ---------
Loss after taxation (470) (2,097)
Other comprehensive income
for the year:
Items that will or may be
reclassified subsequently
to profit or loss:
Decrease in fair value of
available for sale financial
assets (5) (7)
Deferred tax taken to equity - 6
-------------------------------- ------ --------- ---------
Total comprehensive income
for the year attributable
to equity shareholders (475) (2,098)
================================ ====== ========= =========
Loss per share
Basic 3 (2.5p) (10.8p)
================================ ====== ========= =========
Diluted 3 (2.5p) (10.8p)
================================ ====== ========= =========
Consolidated Statement of Financial Position
At 31 October 2016
2016 2016 2015 2015
Note GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ -------- --------- --------- --------- ---------
Assets
Non-current assets
Property, plant and
equipment 27 25
Deferred tax asset 50 84
Total non-current
assets 77 109
---------------------------------------- --------- --------- --------- ---------
Current assets
Assets held at fair
value 1,489 1,703
Available for sale
financial assets 552 507
Trade and other receivables 2,544 2,138
Stock borrowing collateral 58 120
Cash and cash equivalents 5,170 5,372
Corporation tax asset - 16
---------------------------------------- --------- --------- --------- ---------
Total current assets 9,813 9,856
---------------------------------------- --------- --------- --------- ---------
Total assets 9,890 9,965
---------------------------------------- --------- --------- --------- ---------
Current liabilities
Financial liabilities
held at fair value (48) (92)
Trade and other payables (2,719) (1,979)
Total current liabilities (2,767) (2,071)
---------------------------------------- --------- --------- --------- ---------
Total liabilities (2,767) (2,071)
---------------------------------------- --------- --------- --------- ---------
Net assets 7,123 7,894
======================================== ========= ========= ========= =========
Shareholders' equity
Called up share capital 2,063 2,063
Capital redemption
reserve 700 700
Share premium account 2,933 2,933
Employee Benefit Trust
reserve (849) (849)
Available for sale
reserve (11) (6)
Retained earnings 2,836 3,348
----------------------------- ------- -------
Total equity before
deduction of own shares 7,672 8,189
Own shares (549) (295)
----------------------------- ------- -------
Total equity 7,123 7,894
============================= ======= =======
Consolidated Statement of Cash Flows
For the year ended 31 October 2016
2016 2015
GBP'000 GBP'000
---------------------------------------- --------- ---------
Operating activities before
taxation
Loss before tax (429) (2,097)
Adjustments for:
Fair value adjustments of
derivative financial assets (205) 287
Depreciation of fixtures,
fittings and computer equipment 23 25
Net interest receivable (37) (63)
Share based payments 22 111
----------------------------------------- --------- ---------
Operating cash flow before
changes in working capital (626) (1,737)
Decrease in operating assets 88 2,976
Increase/(decrease) in operating
liabilities 683 (2,892)
Purchase of available for
sale investments (50) (513)
Proceeds from disposal of
available for sale investments - 466
Cash generated from operations 95 (1,700)
Income taxes paid 10 -
---------------------------------------- --------- ---------
Net cash flows from operating
activities 105 (1,700)
----------------------------------------- --------- ---------
Investing activities
Purchases of property, plant
and equipment (26) (7)
Net interest received 37 63
----------------------------------------- --------- ---------
Net cash flows from investing
activities 11 56
----------------------------------------- --------- ---------
Financing activities
Exercise of share options (31) -
Proceeds from the sale of
own shares 133 10
Purchase of own shares (420) (1,136)
Dividends paid to equity shareholders - (140)
----------------------------------------- --------- ---------
Net cash flows from financing
activities (318) (1,266)
----------------------------------------- --------- ---------
Decrease in cash and cash
equivalents (202) (2,910)
Cash and cash equivalents
at the beginning of the year 5,372 8,282
----------------------------------------- --------- ---------
Cash and cash equivalents
at the end of the year 5,170 5,372
========================================= ========= =========
Consolidated Statement of Changes in Equity
For the year ended 31 October 2016
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
1 November
2014 2,296 2,933 467 (264) (849) (33) 6,597 11,147
Profit for
year - - - - - - (2,097) (2,097)
Deferred
tax taken
to equity - - - - - - 6 6
Revaluation
of available
for sale
financial
assets - - - - - (7) - (7)
Transferred
to retained
earnings
on disposal
of available
for sale
assets - - - - - 34 (34) -
---------- ---------- ------------- ---------- ---------- ------------- ----------- ---------
Total
comprehensive
income for
the year - - - - - 27 (2,125) (2,098)
Contributions
by and
distributions
to owners
Purchase
of own shares - - - (1,136) - - - (1,136)
Sale of
own shares - - - 10 - - - 10
Own shares
cancelled (233) - 233 1,095 - - (1,095) -
Share based
payments - - - - - - 111 111
Dividends
paid to
equity
shareholders - - - - - - (140) (140)
Balance
at
31 October
2015 2,063 2,933 700 (295) (849) (6) 3,348 7,894
Profit for
year - - - - - - (470) (470)
Deferred - - - - - - - -
tax taken
to equity
Revaluation
of available
for sale
financial
assets - - - - - (5) - (5)
Total
comprehensive
income for
the year - - - - - (5) (470) (475)
Contributions
by and
distributions
to owners
Purchase
of own shares - - - (420) - - - (420)
Sale of
own shares - - - 134 - - - 134
Share based
payments - - - - - - 22 22
Share options
exercised - - - 32 - - (64) (32)
Balance
at
31 October
2016 2,063 2,933 700 (549) (849) (11) 2,836 7,123
================ ========== ========== ============= ========== ========== ============= =========== =========
Notes
1. The capital redemption reserve represents the nominal value of shares that have been cancelled that were previously held as Own Shares.
2. Own Shares represents shares purchased to be held as treasury shares at historical cost.
3. The Employee Benefit Trust reserve represents shares held in the parent Company by the Arden Partners Employee Benefit Trust which is consolidated in the Group's financial statements.
NOTES
1) Basis of preparation
The financial information set out in this announcement has been prepared in accordance with the recognition and measurement principles of IFRS as endorsed for use in the European Union.
The financial information set out in this announcement does not constitute the Group's statutory accounts for the year ended 31 October 2016 or the year ended 31 October 2015 under the meaning of s434 Companies Act 2006, but is derived from those accounts.
Statutory accounts for the years ended 31 October 2016 and 31 October 2015 have been reported on by the Independent Auditors.
The Independent Auditors' Report on the Annual Report and Financial Statements for the years ended 31 October 2016 and 31 October 2015 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.
Statutory accounts for the year ended 31 October 2015 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 October 2016, prepared under IFRS, will be delivered to the Registrar in due course.
2) Revenue
Revenue is wholly attributable to the principal activity of the Group and arises solely within the United Kingdom.
2016 2015
GBP'000 GBP'000
--------------------------- ------- -------
Equities Division 2,430 2,172
Corporate Finance Division 3,427 3,314
----------------------------
Total revenue 5,857 5,486
============================ ======= =======
Included within revenue of the Equities Division is a profit of GBP205,000 (2015: loss GBP287,000) relating to the fair value adjustment of derivatives held within assets that are fair valued through profit or loss.
The Directors are of the opinion that there are only two operating segments and while segment revenues are reviewed internally business resources are not allocated to segments for the purposes of deriving either profit or assets. In 2016, none of the Group's customers contributed 10% or more of the Group's revenue. In 2015 one of the Group's customers contributed more than 10% of the Group's revenue, the amount was GBP914,000.
3) Earnings per Share
In addition to the basic earnings per share, underlying earnings per share has been shown because the Directors consider that this gives a more meaningful indication of the underlying performance of the Group. Where applicable, all adjustments are stated after taking into consideration current tax treatment ignoring deferred tax.
Year ended Year ended
31 October 2016 31 October 2015
Pence per Numerator Pence per Numerator
Share GBP'000 Share GBP'000
------------------------- ------------- ------------ -------------- -------------
Basic loss per share (2.5) (470) (10.8) (2,097)
Add: IFRS2 share-based
payments 0.1 22 0.5 111
Add: Reorganisation - -
payments
Less: Lease settlement
credit (0.8) (150) 0.9 177
Underlying basic
loss (3.2) (598) (9.4) (1,809)
========================= ============= ============ ============== =============
Diluted loss per
share (2.5) (470) (10.8) (2,097)
Add: IFRS2 share-based
payments 0.1 22 0.5 111
Add: Reorganisation - -
payments
Less: Lease settlement
credit (0.8) (150) 0.9 177
Underlying diluted
loss (3.2) (598) (9.4) (1,809)
========================= ============= ============ ============== =============
Year ended Year ended
31 October 31 October
2016 2015
Number Number
---------------------------- ------------- -------------
Denominator
Weighted average
number of shares
in issue for basic
earnings calculation 18,734,234 19,282,644
Weighted average
dilution for outstanding
share options 541,383 840,385
---------------------------- ------------- -------------
Weighted average
number for diluted
earnings calculation 19,275,617 20,123,029
============================ ============= =============
The 1,480,700 (2015: 1,480,700) shares held by the Arden Partners Employee Benefit and the 1,200,242 (2015: 455,976) shares held in Treasury have been excluded from the denominator.
No adjustment has been made to the diluted loss per share of 2.4p as the dilution effect of the weighted average number of outstanding share options of 541,383 would be to decrease the loss per share.
4) Annual Report and Accounts
Copies of the 2016 Report and Accounts will be posted to shareholders in due course. Copies will also be available from the Company's registered office and from the Company's website.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BCGDBISDBGRU
(END) Dow Jones Newswires
January 26, 2017 02:00 ET (07:00 GMT)
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