Birmingham stockbroker Arden Partners has revealed a fall in sales amid the most “challenging conditions since the 1970s”.
Arden (ARDN) saw revenue fall to £12.4 million in the year to October 31, compared to £13 million the year before.
However, despite the fall in sales it managed to return to the black, posting a pre-tax profit of £600,000, compared to a loss of £500,000 last year.
Chairman Lord Flight said: “Given the significant business pressures I am pleased to report that Arden has remained profitable over the last financial year.
“The stockbroking sector is facing perhaps the most difficult and challenging conditions since the 1970s, however the lower overhead base, a strong balance sheet and our Indian franchise should stand Arden in good stead for the new financial year.”
The firm saw the total amount of funds raised for clients increase to £265 million across the year, compared to £183 million in 2010.
It oversaw 12 transactions during the year, comprising seven secondary fundraisings, four M&A, and one IPO.