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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 May 2019 to May 2024
TIDMARDN
RNS Number : 9410B
Arden Partners plc
16 January 2018
Arden Partners plc
("Arden" or the "Company" or the "Group")
Audited results for the year ended 31 October 2017
Arden Partners plc (AIM: ARDN), the institutional stockbroking company, today announces audited results for the year ended 31 October 2017.
Financial highlights
-- Revenue GBP10.5 million (2016: GBP5.9 million) -- Profit before tax GBP0.7 million (2016 loss: GBP0.4 million) -- Underlying profit before tax* GBP1.2 million (2016 loss: GBP0.5 million) -- Basic earnings per share 3.3p (2016 loss per share: 2.5p) -- Capital adequacy ratio 652% (2016: 404%) -- Proposed dividend 1.0p per share (2016: nil)
* Profit before tax as adjusted for the effect of share based payments, restructuring costs (including non recurring costs related to the appointment and termination of personnel) and lease settlement credit
Commenting on the results and Arden's outlook, Luke Johnson, Chairman, said:
"We are confident that the business is in the midst of a successful turnaround. A new executive team has been appointed, and they have rapidly taken the business from losses into net profits for the full year. There is still much to be done, but I believe that Arden now has the resources and the people to deliver."
"As a demonstration of our confidence in the future we are pleased to propose a 1p per share final dividend."
Arden Partners plc 020 7614 5900
Donald Brown - Chief Executive Officer
James Reed-Daunter - Executive Director
GCA Altium Limited 020 7484 4040
Sam Fuller / Tim Richardson
Chairman's Statement
The last few years have been challenging for the broking industry, and in particular for small and mid-cap stockbrokers. A sustainable revival in corporate performance is dependent on confidence amongst fund managers and a significant indicator of this is their willingness to invest in their brokers.
Arden Partners announced in June this year that it raised GBP5m of inward investment to reinforce our already strong balance sheet, and I am pleased that we now have some of the major names in the fund management industry as shareholders.
We were delighted to announce the appointment of Donald Brown as our new Chief Executive Office in May 2017. Our enlarged balance sheet has heightened our profile in the sector and enabled us to attract key new appointments - including experienced and senior staff. We have taken the opportunity to reshape our equities operation and the new structure has already had a demonstrably positive impact on our revenues.
We are confident that the business is in the midst of a successful turnaround. A new executive team has been appointed, and they have rapidly taken the business from losses into net profits for the full year. There is still much to be done, but I believe that Arden now has the resources and the people to deliver.
The Company continues to monitor its cost base carefully and our staff numbers remain steady. Our corporate client numbers also remained consistent and we aim to both deepen existing relationships and develop new ones.
The broking industry is in need of further consolidation and we are always prepared to explore opportunities to combine with complementary businesses to facilitate cost savings and revenue expansion. Meanwhile our healthy balance sheet puts us in an excellent position for possible expansion.
As a demonstration of our confidence in the future we are pleased to propose a 1p per share final dividend.
I would like to thank my Board, our corporate and institutional clients and all our hard-working staff for the support during this year. We look forward to the future with considerable anticipation.
Luke Johnson
Chairman
Chief Executive's Statement
In my first statement as Chief Executive of Arden Partners plc, I am pleased to report a pre-tax profit for the year ended 31 October 2017 of GBP700,000 and underlying profit before tax of GBP1.2 million. The Company was loss-making in 2016 with corresponding figures of GBP400,000 and GBP500,000 respectively.
Financial Review
Revenue for the full year totalled GBP10.5 million, a 79% increase on 2016 and the highest figure in five years. The Company's results were significantly weighted towards the second half of the year with a revenue contribution of GBP7.6 million.
Basic earnings per share were 3.3p and the Board is pleased to propose a final dividend to shareholders for the first time since 2014 of 1p per share.
I joined the Company on 24 May 2017 and subsequently secured the services of a number of highly experienced staff. Our results demonstrate the immediate impact this has had and I am confident that our team, whose overall number has remained broadly consistent year on year, can maintain the positive trend in transactions and revenue.
During the year we raised GBP150 million in funds for our corporate clients, an increase of 145% on 2016. Our total number of corporate clients has remained broadly in line with previous years at 38.
Outlook
After the strong second half, the Company's momentum has carried over into 2018. We recognise that the broking services industry will experience challenges in the year ahead, especially in the light of the introduction of the MiFIDII regulations on 3 January 2018. We will continue to hire experienced staff where we see complementary opportunities, and I look forward to the forthcoming year with confidence.
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.
Donald Brown
Chief Executive Officer
Consolidated Statement of Comprehensive Income
For the year ended 31 October 2017
Hot Features
Premium
2017 2016
Note GBP'000 GBP'000
-------------------------------- ------ --------- ---------
Revenue 2 10,477 5,857
Administrative expenses (9,741) (6,323)
-------------------------------- ------
Profit/(loss) from operations 736 (466)
Finance income 34 40
Finance expense (23) (3)
-------------------------------- ------
Profit/(loss) before taxation 747 (429)
Income tax charge (15) (41)
-------------------------------- ------ --------- ---------
Profit/(loss) after taxation 732 (470)
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 (8) (5)
Transfer to profit or loss
on disposal of available for
sale assets 13
Deferred tax taken to equity 4 -
-------------------------------- ------ --------- ---------
Total comprehensive income
for the year attributable
to equity shareholders 741 (475)
================================ ====== ========= =========
Profit/(loss) per share
Basic 3 3.3 (2.5p)
================================ ====== ========= =========
Diluted 3 3.2 (2.5p)
================================ ====== ========= =========
Consolidated Statement of Financial Position
At 31 October 2017
2017 2017 2016 2016
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------ ----- --------- --------- --------- ---------
Assets
Non-current assets
Property, plant and
equipment 67 27
Deferred tax asset 39 50
Total non-current
assets 106 77
------------------------------------- --------- --------- --------- ---------
Current assets
Assets held at fair
value 2,806 1,489
Available for sale
financial assets 503 552
Trade and other receivables 2,714 2,544
Collateral deposits 48 58
Cash and cash equivalents 9,037 5,170
Total current assets 15,108 9,813
------------------------------------- --------- --------- --------- ---------
Total assets 15,214 9,890
------------------------------------- --------- --------- --------- ---------
Current liabilities
Financial liabilities
held at fair value (171) (48)
Trade and other payables (2,494) (2,719)
Total current liabilities (2,665) (2,767)
------------------------------------- --------- --------- --------- ---------
Total liabilities (2,665) (2,767)
------------------------------------- --------- --------- --------- ---------
Net assets 12,549 7,123
===================================== ========= ========= ========= =========
Shareholders' equity
Called up share capital 3,338 2,063
Capital redemption reserve 700 700 Share premium account 6,691 2,933 Employee Benefit Trust reserve (849) (849) Available for sale reserve (6) (11) Retained earnings 3,547 2,836 ----------------------------- -------- ------- Total equity before deduction of own shares 13,421 7,672 Own shares (872) (549) ----------------------------- -------- ------- Total equity 12,549 7,123 ============================= ======== =======
Consolidated Statement of Cash Flows
For the year ended 31 October 2017
2017 2016
GBP'000 GBP'000
----------------------------------- --------- ---------
Operating activities before
taxation
Profit/(loss) before tax 747 (429)
Adjustments for:
Fair value adjustments (27) (205)
Gain on sale of available (50) -
for sale asset
Depreciation of fixtures,
fittings and computer equipment 21 23
Net interest receivable (11) (37)
Share based payments 4 22
------------------------------------ --------- ---------
Operating cash flow before
changes in working capital 684 (626)
(Increase)/decrease in operating
assets (1,437) 88
Decrease/(increase) in operating
liabilities (102) 682
Purchase of available for
sale investments (509) (50)
Proceeds from disposal of 600 -
available for sale investments
Cash (used in)/generated from
operations (764) 94
Income taxes paid - 10
------------------------------------ --------- ---------
Net cash flows from operating
activities (764) 104
------------------------------------ --------- ---------
Investing activities
Purchases of property, plant
and equipment (61) (25)
Net interest received 11 37
------------------------------------ --------- ---------
Net cash flows from investing
activities (50) 12
------------------------------------ --------- ---------
Financing activities
Exercise of share options (15) (31)
Proceeds from the sale of
own shares - 133
Purchase of own shares (337) (420)
Issue of shares 5,033 -
----------------------------------- --------- ---------
Net cash flows from financing
activities 4,681 (318)
------------------------------------ --------- ---------
Decrease in cash and cash
equivalents 3,867 (202)
Cash and cash equivalents
at the beginning of the year 5,170 5,372
------------------------------------ --------- ---------
Cash and cash equivalents
at the end of the year 9,037 5,170
==================================== ========= =========
Consolidated Statement of Changes in Equity
For the year ended 31 October 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
1 November
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
Profit for
year - - - - - - 732 732
Deferred
tax taken
to equity - 4 4
Transferred
to profit
or loss
on disposal
of available
for sale
assets - - - - - 13 - 13
Revaluation
of available
for sale
financial
assets (8) - (8)
Total
comprehensive
income for
the year - - - - - 5 736 741
Contributions
by and
distributions
to owners
Issue of
ordinary
shares net
of expenses 1,275 3,758 - - - - - 5,033
Purchase
of own shares - - - (337) - - - (337)
Share based
payments - - - - - - 4 4
Share options
exercised - - - 14 - - (29) (15)
Balance
at
31 October
2017 3,338 6,691 700 (872) (849) (6) 3,547 12,549
================ ========== ========== ============= ========== ========== ============= =========== =========
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.
4. Share premium represents the excess over nominal value of the fair value consideration received for equity shares net of expenses of the share issues amounting to GBP67,000.
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 2017 or the year ended 31 October 2016 under the meaning of s434 Companies Act 2006, but is derived from those accounts.
Statutory accounts for the years ended 31 October 2017 and 31 October 2016 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 2017 and 31 October 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.
Statutory accounts for the year ended 31 October 2016 have been filed with the Registrar of Companies. The statutory accounts for the year ended 31 October 2017, 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.
2017 2016
GBP'000 GBP'000
---------------------------------- -------------- --------------
Equities Division 3,767 2,430
Corporate Finance Division 6,673 3,427
Gain on sale of available for 50 -
sale asset
Transfer to profit or loss on (13) -
disposal of available for sale
assets
---------------------------------- -------------- --------------
Total revenue 10,477 5,857
=================================== ============== ==============
Included within revenue of the Equities Division is a profit of GBP40,000 (2016: GBP205,000) 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 2017, one of the Group's customers contributed more than 10% of the Group's revenue, the amount was GBP1,996,000. In 2016 none of the Group's customers contributed 10% or more of the Group's revenue.
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 2017 31 October 2016
Pence per Numerator Pence per Numerator
Share GBP'000 Share GBP'000
------------------------- ------------- ------------ ---------------------- ----- --- -----------
Basic profit/(loss)
per share 3.3 732 (2.5) (470)
Add: IFRS2 share-based
payments - 4 0.1 22
Add: Restructuring
costs 2.3 517 - -
Less: Lease settlement
credit - - (0.8) (150)
Underlying basic
profit/(loss) 5.6 1,253 (3.2) (598)
========================= ============= ============ ====================== ===== === ===========
Diluted profit/(loss)
per share 3.2 732 (2.5) (470)
Add: IFRS2 share-based
payments - 4 0.1 22
Add: Restructuring
costs 2.3 517 - -
Less: Lease settlement
credit - - (0.8) (150)
Underlying diluted
profit/(loss) 5.5 1,253 (3.2) (598)
========================= ============= ============ ====================== ===== === ===========
Year ended Year ended
31 October 31 October
2017 2016
Number Number
---------------------------- ------------- -------------
Denominator
Weighted average
number of shares
in issue for basic
earnings calculation 22,188,366 18,734,234
Weighted average
dilution for outstanding
share options 406,895 541,383
---------------------------- ------------- -------------
Weighted average
number for diluted
earnings calculation 22,595,261 19,275,617
============================ ============= =============
The 1,480,700 (2016: 1,480,700) shares held by the Arden Partners Employee Benefit and the 1,912,312 (2016: 1,200,242) shares held in Treasury have been excluded from the denominator.
In the prior year 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 2017 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 www.arden-partners.com
5) Dividend
The final dividend, if approved, will be paid on 22 March 2018 to shareholders on the register at close of business on 2 March 2018, with an ex-dividend date of 1 March 2018.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BIGDBBGBBGIU
(END) Dow Jones Newswires
January 16, 2018 02:00 ET (07:00 GMT)
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