Birmingham stockbroker Arden Partners has revealed an upturn in fortunes at the end of its financial year.

Arden (ARDN) said in a trading update ahead of its close period relating to the year to November that it had completed two large corporate transactions and equity trading has been better than expected.

On September 10 Arden had issued a trading update suggesting the company would not meet market expectations.

Shares in the firm rose 3.5p to 7.95p in early trading after revealing the improvement to the London Stock Exchange.

It said: “During the year ended October 31 the company has rationalised its cost base and the board now expects the company to report a small net operating profit post.”