Recovery in commodities boosts profits at Ambrian

NATURAL resources investment bank Ambrian Capital moved back into profit over the first half of the year after total income almost tripled, boosted by a strong performance in the commodities division.<br /><br />Ambrian&rsquo;s income rose to &pound;10.13m in the six months to June, compared to &pound;3.74m in the first half of 2008. Pre-tax profit came in at &pound;2.28m, compared to a loss of &pound;2.79m last year.<br /><br />The firm also improved its cash position over the period, adding &pound;1.21m to bring its total cash resources to &pound;23.77m.<br /><br />Chief executive Tom Gaffney said the results reflected a strong performance from the physical metals business and a boost from the recent recovery in commodities prices.<br /><br />However, he added: &ldquo;Chinese demand for raw materials is unlikely to be maintained and, therefore, we do not expect our income in the second half of 2009 to reach the level achieved in the first half of the year.&rdquo;