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Institutional stockbroker house Arden Partners swing to a first-half loss, pinned on market ructions owing to the Covid-19 pandemic.
Pre-tax losses for the six months through April amounted to Loss before tax: £1.53m, compared to a profit of £1.62m on-year. Revenue fell 27% to £2.31m.
No interim dividend was declared.
Arden Partners said trading towards the end of the period was negatively impacted by significant global market declines, with its equity trading operation suffering material losses.
The company, however, had traded profitably post period end, with a number of corporate transactions completed and an encouraging pipeline, it added.
'Our clients continue to react to the significant effect of COVID-19 on their businesses and seek our support, for example, to raise equity or assist with development or acquisition plans,' chief executive Donald Brown said.
'We have an encouraging pipeline of transactions and the company's performance for the current financial year as a whole is likely to be determined by the delivery of these deals.'
At 1:55pm: (LON:ARDN) Arden Partners PLC share price was -0.25p at 6.25p