Arden Partners plc Trading Update (5287L)
01 Maggio 2020 - 08:00AM
UK Regulatory
TIDMARDN
RNS Number : 5287L
Arden Partners plc
01 May 2020
Arden Partners plc
("Arden" or the "Company")
Trading Update
Arden is today issuing a trading update in respect of the
six-month period ended 30 April 2020.
Arden made a good start to the six-month trading period despite
it encompassing the elevated political uncertainty around Brexit
and then the General Election. Trading towards the end of the
period has been impacted by the significant global market declines
in reaction to the COVID-19 pandemic.
Compared to the performance in the six months ended 30 April
2019, we anticipate materially higher corporate finance revenues,
higher retainer levels but lower equity commissions. The equity
trading operation suffered material losses as markets fell in
response to COVID-19.
The Board has implemented steps to reduce the Company's cost
base. As a result, the Company's current annual cost base is
anticipated to be more than 25% lower than last year. The measures
taken include salary and fee sacrifices for all Board members and
certain senior employees of in excess of 40% of salary; salary
sacrifices for all other employees; the furloughing of a number of
staff and the cancellation or deferral of all discretionary
expenditure. Arden will also defer the payment of VAT in line with
the government's proposals. The Board will continue to take action
to reduce costs and minimise the financial impact of the
uncertainty caused by COVID 19.
Before taking into account the equity trading book losses, Arden
expects to report a profit for the six-month period. After taking
into account the equity trading book losses, Arden expects to
report a reduced loss for the period compared to the prior
year.
The Company has a strong balance sheet, with cash and cash
equivalent resources well in excess of its regulatory
requirements.
Operationally, we responded to COVID-19 promptly and
successfully implemented a comprehensive remote working capability,
which has enabled us to ensure both the wellbeing of our staff and
the ability to continue servicing our clients as normal. The
Company is fully operational and continues to operate as normal.
Due to the quality and flexibility of our people and the strengths
of our business, our ability to attract and win new high-quality
corporate clients remains strong. We continue to sign up quality
clients and have a good pipeline going forward.
We are working closely with our corporate clients to assess the
disruption caused by COVID-19 and, where possible, assist them in
protecting their businesses and continuing to implement their
strategies. Our aim is to fully support all corporate and
institutional clients during these unprecedented times.
Mark Ansell, Chairman, commented:
"The COVID-19 crisis has presented unprecedented challenges to
our business. However, it remains in a strong financial position
and we have taken the necessary actions to enable us to confront
the current market environment without harming our ability to fully
service our clients. The Board is indebted to the Company's
employees for their hard work and ongoing support in light of these
challenges.
The Board's priorities remain to protect the Company's balance
sheet and to deliver on our stated growth strategy."
For further information, please contact:
Arden Partners plc 020 7614 5900
Donald Brown - Chief Executive Officer
James Reed-Daunter - Executive Director
Steve Douglas - Group Finance Director
GCA Altium Limited (NOMAD) 020 7484 4040
Tim Richardson
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 absolute core 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.
It is the job of the sales team 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.
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London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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