Arden, which has 34 clients, made a £1.2m pre-tax profit in the six months to the end of April, up from an £0.2m loss in the same period in 2010.
Chief executive Jonathan Keeling (pictured), who co-founded Arden nine years ago, told City A.M. revenue growth and cuts to overheads were “a double whammy” of positive momentum in a “very quiet” first half for corporate finance revenues.
But he remained wary of voicing any over-optimism about market prospects and said Arden’s outlook statement was “really cautious” to ensure it avoids having to issue a profit warning as it did last September.
Revenues rose 14 per cent to £7.4m while costs fell 1.8 per cent to £6m year-on-year, in part as it cut staff levels by more than ten per cent.
“We have managed to hold onto commission and trading revenues in the UK, do a very large placing for a director of one of our brokerage companies, and our market making desk has also performed very well,” he said. Business since the half year-end also picked up as Arden raised £50m for India-focused clean energy firm Greenko.
Keeling also warned that a Greek default could still derail the stock market recovery.