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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 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Feb 2022 to Feb 2025
TIDMARDN
RNS Number : 2067H
Arden Partners plc
05 April 2022
Arden Partners plc
("Arden" or the "Company" or the "Group")
Audited results for the year ended 31 October 2021
Arden Partners plc (AIM: ARDN), the institutional stockbroking company, today announces audited results for the year ended 31 October 2021 ("FY21").
HIGHLIGHTS
Market overview
-- UK equity markets remained buoyant throughout FY21, continuing the trend that started in the second half of 2020, with institutional investors prepared to support ambitious growing companies
-- The AIM IPO market performed strongly in 2021 with 87 AIM IPOs raising a cumulative GBP1.9bn (2020: 32 IPOs raising a cumulative GBP0.5bn) (source: London Stock Exchange)
-- The secondary fundraise market also had significant growth with GBP6.9bn raised by AIM listed companies in 2021, up from GBP5.3bn in 2020 (source: London Stock Exchange)
-- Competition for capital was fierce, particularly in the second half of 2021 -- M&A activity for both public and private companies remained strong
Operational highlights
-- Arden completed 29 transactions in FY21 (FY20: 22 transactions) including:
o Three IPOs/Reverse Take Overs (FY20: 1 IPO/RTO)
o 15 equity fundraisings (FY20: 10 equity fundraisings)
-- GBP193 million raised for listed clients (FY20: GBP90 million) -- Three Takeover Code transactions completed (FY20: 2 transactions)
-- The work of the Company's Research and Corporate Finance teams was recognised by judges in a number of industry awards
Financial highlights
-- Revenue up 56.5% to GBP9.3 million (FY20: GBP5.9 million) -- Profit before tax of GBP0.8 million (FY20: GBP1.4 million loss before tax) -- Basic earnings per share of 4.8p (FY20: 5.0p loss per share) -- Net asset value per share at year end up 24.4% to 17.3p (FY20: 13.9p)
Recommended all share offer for Arden Partners plc by The Ince Group plc (the "Acquisition")
-- On 26 October 2021, the boards of The Ince Group plc ("Ince") and Arden announced that they had reached agreement on the terms of a recommended all share offer by Ince for the entire issued and to be issued ordinary share capital of Arden
-- Strategic and financial rationale for the Acquisition as set out in the Scheme Document published on 20 December 2021
-- Seven Ince shares for every 12 Arden shares allows Arden shareholders to participate in the potential value creation of the combined business
-- Arden shareholder approval for the Acquisition obtained on 19 January 2022 -- The Acquisition remains conditional on:
o the approval of the London Stock Exchange to Arden's re-application to be a nominated adviser on AIM following the change of control of Arden
o final sanction by the Court
Commenting on the results and Arden's outlook, Mark Ansell, Chairman, said:
"The excellent performance in FY21 was enabled by the strategies adopted by the Group to address industry and regulatory changes and the challenges posed by Covid-19. I continue to be very proud of our employees' efforts in ensuring that our business was able to deliver these strong results through such a challenging period.
"We believe the longer-term outlook for the UK equity markets remains robust despite the short-term economic outlook being highly uncertain. Arden's pipeline of both primary and secondary transactions is reassuring and we entered the new financial year with a positive outlook.
"Notwithstanding the current pipeline, as Arden is reliant on one-off and sizeable corporate transactions, it is dependent upon its clients and the business impact of short and long-term downturns in the market. The Board believes that the recommended all share offer benefits all stakeholders by securing Arden's position and enabling it to offer a wider range of services to a larger client base as part of a more diversified entity. We are working towards completing this deal in the near term."
For further enquiries:
Arden Partners plc Donald Brown - Chief Executive Officer James Reed-Daunter - Executive Director Steve Douglas - Group Finance Director 020 7614 5900 Houlihan Lokey UK Limited (NOMAD) Tim Richardson 020 7484 4040 SEC Newgate Communications (Press enquiries) Clotilde Gros/Richard Bicknell 020 7653 9850
Notes for editors
Arden is a dedicated corporate adviser and multi-service stockbroker to small and mid-cap companies in the UK and their investors.
The core purpose of our business is the effective management of the needs of our significant and growing base of corporate clients, and the effective support of their relationships with existing and potential shareholders.
These relationships are enhanced by the quality of our corporate finance advice and industry research, and the strong market presence of our sales and trading teams.
Our corporate finance capabilities encompass M&A, corporate finance advisory, broking and Sponsor and NOMAD services. We represent our clients in private transactions and AIM and Main Market share issues.
Our research is designed to be sector focused, concentrating on top down thematic trends which highlight companies giving investors an exposure to the real growth areas of the small-cap and AIM markets.
The sales team's role is to keep institutions abreast of these themes and stock ideas. When there is a requirement for our corporate clients to raise money to fulfil their growth ambitions, the sales team is in a strong position to effect this, with its entrenched relationships with the UK institutional and non-institutional markets.
Our market making and trading teams provide liquidity in the shares of our corporate clients. We also trade the shares of non-client corporates on behalf of institutions.
The Arden Wealth Management team offers a bespoke service to our clients, with the ability to trade/invest in equities, bonds and a range of global investment funds, as well as allowing clients to participate in Primary and Secondary equity placings.
CHAIRMAN'S STATEMENT
In 2021, we saw a continued market recovery and equity market conditions that, for the most part, were very supportive of both primary and secondary fundraisings. Further, M&A conditions were strong with both corporate acquirors and private equity looking to deploy substantial cash piles. This was very much a continuation of the macro agenda from H2 2020.
Investors, however, began to show more caution towards the end of 2021, which we believe was a combination of investor fatigue, the high volume of deals looking for funding and concern over inflation, interest rates and supply chain issues.
Despite these challenges, we believe the outlook for UK equity markets remains robust. Investors still have substantial cash piles to deploy and the UK market remains attractively valued relative to global peers. We are announcing these results, however, against the backdrop of the human tragedy unfolding in Ukraine and our thoughts are with those who are directly and indirectly affected. Understandably, the market has been more volatile as a result of events in Ukraine and the number of new transactions is likely to remain subdued until this period of uncertainty is resolved.
We were pleased with the performance of the Company in FY21. Performance levels were much improved on recent years and were particularly strong in the first half. However, in common with much of the market, we saw a lull in activity in the summer period and we noted the caution and competition in the market towards the end of FY21. Despite these challenges, Arden continued to transact both primary and secondary business.
Overall, revenues for the year rose by 56.5% to GBP9.3 million (FY20: GBP5.9 million), with profit before tax of GBP0.8 million (FY20: GBP1.4 million loss before tax) and earnings per share of 4.8p (FY20: loss per share of 5.0p). We continued to keep a tight control on costs throughout FY21.
Our balance sheet remains strong. As at 31 October 2021 our net asset value per share was 17.3p (31 October 2020: 13.9p). We hold cash and cash equivalents in excess of our capital adequacy requirements and sufficient to protect us against short to medium term market fluctuations.
The current financial year started in a promising and profitable manner as we completed two IPOs and two equity fundraisings. We are also currently active on a number of M&A transactions. However, the short-term economic and geopolitical outlook is highly uncertain, resulting in a challenging time for investors and corporate clients alike. Beyond this, Arden's pipeline of both primary and secondary transactions is reassuring and we have a positive longer term outlook. We continue to believe the Group is well positioned in its markets, a position from which we can continue to execute our ongoing growth strategy.
Finally, we believe the recommended all share offer from Ince, announced on 26 October 2021, is an exciting strategic development for Arden as it secures it's position as an adviser and broker able to offer a wider range of services to a wider client base. The all share nature of the offer enables Arden shareholders to participate fully in the potential value creation of the enlarged group.
Mark Ansell
Chairman
4 April 2022
CHIEF EXECUTIVE'S STATEMENT
Overview
I was pleased with our performance over the financial year as a whole which resulted in a marked increase in revenue and our return to profitability. There was a good level of activity across all divisions and we were able to serve our clients with confidence and commitment.
I would like to thank all our clients and shareholders for their continued support and to express the appreciation of the entire Board for the considerable hard work and commitment of our staff.
Business review
During the year under review revenues increased by 56.5% to GBP9.3 million (2020: GBP5.9 million) and we achieved a profit before tax of GBP0.8 million (2020: loss before tax of GBP1.4 million). All divisions performed well with each delivering increased revenues.
Revenue summary
Hot Features
Premium
Division 2021 2020 % change
GBP'm GBP'm
------------------------------------- -------- -------- ----------
Equities 1.3 (0.5) 340.0
Corporate Finance (incl. corporate
retainers) 7.8 6.3 22.5
Wealth Management 0.2 0.1 73.8
Total Revenue 9.3 5.9 56.5
Corporate Finance
2021 2020 % change
----------------------------------- ------ ------ ----------
Revenue (GBP'm) 7.8 6.3 22.5
Number of corporate transactions 29 22 31.8
Funds raised (GBP'm) 193 90 114.4
Number of corporate clients
at year end 42 47 (10.6)
Corporate finance revenue growth of 22.5% resulted from an increase in deal volumes. The IPO market was buoyant throughout FY21 and investors were receptive to a wider range of investment opportunities than in previous years. We completed three IPOs in the year (2020: one) and 15 secondary fundraisings (2020: 10 secondary fundraisings) together with a number of M&A (both public and private) assignments and other transactions. In total we raised GBP193 m illion in new equity for our clients, a significant increase from the GBP90 million raised in FY20.
Investors began to show caution towards the end of 2021 which we believe was a combination of investor fatigue, the high volume of deals looking for funding and signs of concern over the economic outlook, particularly with regard to inflation, interest rates and supply chain issues. Although the short-term geopolitical and macroeconomic outlook is highly uncertain and creating challenges for investors and corporate clients alike, we believe the longer term outlook for UK equity markets remains robust.
The decrease in client numbers was disappointing, although this was partly the result of M&A and a number of de-listings. Retainer revenue from corporate clients was therefore broadly flat year on year. This trend, however, has been reversed in the new financial year and we have been delighted to have been appointed as advisor and/or broker to three new clients since our year end.
Equities
2021 2020 % change
GBP'm GBP'm
---------- -------- -------- ----------
Revenue 1.3 (0.5) 340.0
Our equities division benefited from strong returns produced by its equity trading operations, particularly in the first half of the year. As a provider of liquidity in more volatile small and mid-cap equities we are exposed to a certain level of market risk. In FY21, however, this volatility created a positive backdrop to the trading environment.
Other equity and research income remained broadly flat year on year. The repercussions of MiFID II, introduced in January 2018, will continue to impact this operation for as long as they remain in force in their current guise. We have been pleased to see a number of consultations by regulators and political bodies into various aspects of the UK equity markets and we have actively engaged on a number.
Access to research is a vital part of small and mid-cap investing. Our Research Portal provides investors with the greatest possible access to our corporate client research and is available by registering on our website ( www.arden-partners.com ). Our research is also available via the ResearchTree portal where our analysts have again been highly ranked this year.
Donald Brown
Chief Executive Officer
04 April 2022
FINANCE REVIEW
Revenue
Revenue for the full year totalled GBP9.3 million, an increase of 56.5% on the prior year. The increase in revenue was driven by an increase in the number of corporate transactions completed in the year, an increase in the funds raised for our clients and a material improvement in the profitability of the equity trading operation, particularly in the first half of the year.
2021 2020 % change
--------------------------------- ------ ------ ----------
Revenue (GBP'm) 9.3 5.9 56.5
Average number of employees 38 43 (11.6)
Revenue per employee (GBP'000) 244 138 77.0
--------------------------------- ------ ------ ----------
Average headcount decreased by 11.6% in the year. The market for talent became increasingly competitive through the year as transactional activity levels remained high. Post year end, we have invested in a number of the teams, particularly at the junior and mid-level, in response to continued high transactional levels.
Average revenue per employee shows a substantial growth year-on-year, one of our key performance indicators.
Costs
2021 2020 % change
GBP'm GBP'm
-------------------------------- -------- -------- ----------
Staff costs 4.7 4.0 16.0
Non-staff costs 3.5 3.1 13.2
Total administrative expenses 8.2 7.1 14.8
-------------------------------- -------- -------- ----------
Staff costs increased reflecting higher discretionary bonus payments in the year arising from the Company's financial performance. Non-staff costs continued to be tightly controlled, and with less impact than expected from Covid-19, reverted to a more normal level.
Liquidity position
The Group's liquidity position (which comprises cash and cash equivalents, market making equity positions, trade and other receivables) was GBP6.8 million at the year end (2020: GBP6.3 million).
Cash at bank as at 31 October 2021 was GBP2.5 million, a similar level to the prior year (2020: GBP2.4 million).
The Board believes that the liquidity position, which is an alternative performance measure, provides more useful information for shareholders on the underlying liquidity of the Group than the reported net assets number, as it focuses solely on the liquid assets of the Group.
Net asset position and capital adequacy
The Group's net assets at the year-end were GBP5.8 million (2020: GBP4.6 million), the increase being the result of the profitable trading in the year and the partial recognition of a deferred tax asset. Given the positive outlook for the Company together with the substantial tax losses available to it, the Board has taken the view to recognise some of these losses as a deferred tax asset. The capital adequacy ratio as at 31 October 2021 was 217% (2020: 249%).
The Group holds surplus capital on its balance sheet and continually assesses this position throughout the year. During the year, the Group improved the liquidity of its capital resources by realising certain assets into cash. This exercise confirmed to the Board that the Group's liquid assets could be accessed, at short notice, should market conditions remain depressed.
Steven Douglas
Group Finance Director
04 April 2022
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 October 2021
2021 2020
Note GBP'000 GBP'000
------------------------------------------------ ------ --------- ---------
Revenue 2 9,276 5,929
Administrative expenses 3 (8,155) (7,105)
Expected credit loss 3 (268) (210)
------------------------------------------------ ------ ---------
Profit/(loss) from operations 853 (1,386)
Finance income 12 44
Finance expense (20) (14)
------------------------------------------------ ------ ---------
Profit/(loss) before taxation 845 (1,356)
Income tax charge 4 415 (2)
------------------------------------------------ ------ --------- ---------
Profit/(loss) after taxation 1,260 (1,358)
Other comprehensive income for the
year:
Items that will or may be reclassified
subsequently to profit or loss:
Deferred tax taken to equity - -
Total comprehensive income/(loss) for
the year attributable to equity shareholders 1,260 (1,358)
================================================ ====== ========= =========
Profit/(loss) per share
Basic 5 4.8p (5.0p)
================================================ ====== ========= =========
Diluted 5 4.3p (4.9p)
================================================ ====== ========= =========
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 October 2021
2021 2021 2020 2020
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- ------ --------- --------- --------- ---------
Assets
Non-current assets
Property, plant and equipment 56 71
Right of use assets 450 164
Deferred tax 416 -
Total non-current assets 922 235
----------------------------------------- --------- --------- --------- ---------
Current assets
Assets held at fair value
through P&L 3,314 1,955
Trade and other receivables 2,619 2,464
Collateral deposits 118 48
Cash and cash equivalents 2,481 2,400
----------------------------------------- --------- --------- --------- ---------
Total current assets 8,532 6,867
----------------------------------------- --------- --------- --------- ---------
Total assets 9,454 7,102
----------------------------------------- --------- --------- --------- ---------
Current liabilities
Financial liabilities held
at fair value
through P&L (315) (149)
Trade and other payables (2,969) (2,199)
Lease liabilities (334) (66)
Total current liabilities (3,618) (2,414)
----------------------------------------- --------- --------- --------- ---------
Non-current liabilities
Lease liabilities (74) (52)
----------------------------------------- --------- --------- --------- ---------
Total non-current liabilities (74) (52)
----------------------------------------- --------- --------- --------- ---------
Total liabilities (3,692) (2,466)
----------------------------------------- --------- --------- --------- ---------
Net assets 5,762 4,636
========================================= ========= ========= ========= =========
Shareholders' equity
Called up share capital 3,338 3,338
Capital redemption reserve 700 700
Share premium account 6,691 6,691
Employee Benefit Trust reserve (391) (182)
Retained earnings (3,134) (4,469)
----------------------------------------- --------- --------- --------- -----------
Total equity before deduction
of own shares 7,204 6,078
Own shares (1,442) (1,442)
----------------------------------------- --------- --------- --------- -----------
Total equity 5,762 4,636
========================================= ========= ========= ========= ===========
The Financial Statements were approved by the Board of Directors and authorised for issue on DD MMM 2022.
Steven Douglas Mark Ansell Group Finance Director Chairman
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 October 2021
2021 2020
GBP'000 GBP'000
----------------------------------------------- --------- ---------
Operating activities before taxation
Profit/(loss) before taxation 845 (1,356)
Adjustments for:
Fair value adjustments (146) (252)
Depreciation charges - Property, plant
and equipment 55 66
Depreciation charges - Right of use
assets 333 337
Net interest receivable (12) (44)
Net interest paid on lease liabilities 20 14
Share based payment expense 75 147
------------------------------------------------ --------- ---------
Operating cash flow before changes
in working capital 1,170 (1,088)
(Increase)/decrease in operating assets (2,045) 1,691
Increase/(decrease) in operating liabilities 1,538 (139)
Cash from operations 663 464
Income taxes paid (1) -
----------------------------------------------- --------- ---------
Net cash flows from operating activities 662 464
------------------------------------------------ --------- ---------
Investing activities
Purchases of property, plant and equipment (40) (26)
Net interest received 12 44
------------------------------------------------ --------- ---------
Net cash flows from investing activities (28) 18
------------------------------------------------ --------- ---------
Financing activities
Payment of lease liability (325) (395)
Net interest paid on lease liabilities (20) (14)
Purchase of own shares (208) (211)
Net cash flows used in financing activities (553) (620)
------------------------------------------------ --------- ---------
Increase/(decrease) in cash and cash
equivalents 81 (138)
Cash and cash equivalents at the beginning
of the year 2,400 2,538
------------------------------------------------ --------- ---------
Cash and cash equivalents at the end
of the year 2,481 2,400
================================================ ========= =========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 October 2021
Employee
Share Capital Benefit
Share Premium Redemption Own Trust Retained
Capital Account Reserve Shares Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------- ---------- ---------- -------------- ---------- ---------- ----------- ---------
At 31 October
2019 3,338 6,691 700 (1,442) (974) (2,255) 6,058
Loss for year - - - - - (1,358) (1,358)
Total comprehensive
income for the
year - - - - - (1,358) (1,358)
Contributions by
and distributions
to owners
Purchase of
EBT shares - - - - (211) - (211)
Distribution
of EBT shares - - - - 1,003 (1,003) -
Share based
payments - - - - - 147 147
Balance at
31 October 2020 3,338 6,691 700 (1,442) (182) (4,469) 4,636
Profit for year - - - - - 1,260 1,260
---------- ---------- -------------- ---------- ---------- ----------- ---------
Total comprehensive
income for the
year - - - - - 1,260 1,260
Contributions
by and
distributions
to owners
Purchase of
EBT shares - - - - (209) - (209)
Share based
payments - - - - - 75 75
Balance at
31 October 2021 3,338 6,691 700 (1,442) (391) (3,134) 5,762
====================== ========== ========== ============== ========== ========== =========== =========
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 these financial statements in accordance with the accounting policy in note 1.
NOTES TO THE ACCOUNTS
1) Accounting policies
Arden Partners plc is a public limited company incorporated in the United Kingdom under the Companies Act 2006.
Basis of preparation
The same accounting policies, presentation and methods of computation are followed in these condensed set of financial statements as are applied in the Group's latest audited Report and Accounts for the year ended 31 October 2021.
2) Revenue
Revenue is wholly attributable to the principal activity of the Group and arises solely within the United Kingdom.
2021 2020
GBP'000 GBP'000
------------------------------------------- -------------- --------------
Equities Division 1,291 (538)
Corporate Finance Division 7,766 6,341
Wealth Management Division 219 126
Total revenue 9,276 5,929
-------------------------------------------- -------------- --------------
Services transferred at a point in time 7,202 3,590
Services transferred over a period of time 2,074 2,339
-------------------------------------------- -------------- --------------
Total revenue 9,276 5,959
============================================ ============== ==============
Included within revenue of the Equities Division is a profit of GBP752,000 (2020: loss GBP1,296,000) derived from the equity trading operation.
Included within revenue of the Equities Division is a profit of GBP146,000 (2020: GBP252,000) relating to the fair value adjustment of warrants held within assets that are fair valued through profit or loss.
Included within revenue of the Equities Division is a profit of GBP146,000 (2020: GBP300,000) relating to the fair value of a warrants over securities which was received as consideration for Corporate Finance services rendered.
The Directors are of the opinion that there are three 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 2021, none of the Group's customers contributed more than 10% of the Group's total revenue. In 2020, two of the Group's customers contributed revenue of GBP1,525,000, being more than 10% of the Group's total revenue.
3) Administrative expenses
2021 2020
GBP'000 GBP'000
--------------------------------------------------------- --------- ---------
Administrative expenses comprise the following:
Depreciation of property, plant and equipment 55 66
Depreciation of right of use assets 333 337
Staff costs (see note 5) 4,589 3,645
IT infrastructure and software costs 1,151 1,085
Settlement costs 491 441
Other administrative expenses 1,344 1,012
Auditor's remuneration:
Audit services:
Company 48 46
Subsidiaries 2 2
Tax services 7 6
Audit related assurance services 17 15
Foreign currency (gains)/losses (9) -
Share based payments 75 147
Exceptional costs 52 -
Staff termination costs (see note 5) - 303
---------------------------------------------------------- --------- ---------
Total administrative expenses 8,155 7,105
Credit Impairment 270 206
Expected credit loss (2) 4
---------------------------------------------------------- --------- ---------
Total impairment/credit losses 268 210
---------------------------------------------------------- --------- ---------
Total expenses 8,423 7,315
========================================================== ========= =========
4) Income tax expense
2021 2020
GBP'000 GBP'000
----------------------------------------------------------- --------- ---------
UK Corporation tax
Current tax on profit of the year 1 -
Total current tax 1 -
----------------------------------------------------------- --------- ---------
Deferred tax
Origination and reversal of timing differences (416) 2
Total deferred tax (416) 2
------------------------------------------------------------ --------- ---------
Total income tax (credit)/charge (415) 2
============================================================ ========= =========
The tax credit in the current year of GBP0.4m benefited from the utilisation of brought-forward tax losses. The tax credit for the current year is lower than the expected 19% tax credit due to the following:
The differences are explained below:
2021 2020
GBP'000 GBP'000
--------------------------------------------------------- --------- ---------
Profit/(loss) before tax 845 (1,356)
========================================================== ========= =========
Loss on ordinary activities at the standard
rate of corporation tax in the UK of 19%
(2020: 19%) 161 (258)
Effect of:
Losses utilised in the year (198) 150
Recognition of losses for deferred tax (416) -
Income not taxable (2) (8)
Expenses not deductible for tax purposes 40 119
Deferred tax on share options - (1)
Total income tax (credit)/charge (415) 2
========================================================== ========= =========
The standard rate of corporation tax in the UK was 19% throughout the reporting period.
5) 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 2021 31 October 2020
Pence per Numerator Pence per Numerator
Share GBP'000 Share GBP'000
-------------------------------------------- ------------- ------------ -------------- -------------
Profit/(loss) per share 4.8 1,260 (5.0) (1,358)
Add: IFRS2 share-based
payments 0.3 75 0.5 147
Underlying basic profit/(loss)
per share 5.1 1,335 (4.5) (1,211)
============================================ ============= ============ ============== =============
Diluted Profit/(loss)
per share 4.3 1,260 (4.9) (1,358)
Add: IFRS2 share-based
payments 0.3 75 0.5 147
Underlying diluted Profit/(loss0
per share 4.6 1,335 (4.4) (1,211)
============================================ ============= ============ ============== =============
The Directors believe that the underlying profit/(loss) and underlying profit/(loss) per share, which are alternative performance measures, provide more useful information for shareholders on the underlying performance of the Group than the reported numbers as they fairer reflect the underlying operating performance of the Group as these costs are not considered part of the usual operations.
Year ended Year ended
31 October 31 October
2021 2020
Number Number
------------------------------------ ------------- -------------
Denominator
Weighted average number
of shares in issue for
basic earnings calculation 26,220,293 27,308,302
Weighted average dilution
for outstanding share
options 2,764,515 599,862
------------------------------------ ------------- -------------
Weighted average number
for diluted earnings calculation 28,984,808 27,908,164
==================================== ============= =============
The 3,635,000 (2020: 1,995,000) shares held by the Arden Partners Employee Benefit Trust and 4,304,724 (2020: 4,304,724) shares held in Treasury, being the weighted average number of treasury shares in issue during the year, have been excluded from the denominator.
In the prior year no adjustment has been made to the diluted loss per share of 4.5p as the dilution effect of the weighted average number of outstanding share options of 599,862 would be to decrease the loss per share.
6) Annual Report and Accounts
Copies of the 2021 Report and Accounts will be posted to shareholders shortly. Copies will also be available from the Company's registered office and from the Company's website www.arden-partners.com
The statutory accounts for the year ended 31 October 2021 will be delivered to the Registrar of Companies in due course.
Statutory accounts for the year ended 31 October 2020 have been delivered to the Registrar of Companies. The auditors' report on those accounts 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.
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