Stockbroker Arden Partners reported a pre-tax profit compared to a loss a year earlier despite challenging market conditions.
Profit before tax came in at £0.6m for the year ended 31 October 2011 from a loss of £0.5m a year earlier. Revenue fell to £12.4m from £13m previously.
Underlying profit before tax slipped to £1.2m during the period from £1.3m while basic earnings per share rose to 2.2p compared to a loss per share of 4.2p.
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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 1970's, however the lower overhead base, a strong balance sheet and our Indian franchise should stand Arden in good stead for the new financial year."
Revenue at its Equities Division rose 25% to £7.6m while income from pure commission and agency cheques were little changed from last year. Trading was heavily weighted to the first half.
Arden noted that the second half of the year was particularly challenging with the ongoing problems in the euro zone.
During the year, Arden completed 12 corporate finance transactions, down from 15 transactions in 2010.
Looking ahead the group said it is focussed on ensuring the business runs on the lowest fixed cost base possible and will, therefore, continue to drive costs out of the business in the forthcoming period to ensure when eventually market conditions improve, that Arden is in the strongest position possible to take full advantage.
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