Argo Group swings to profit in first half

Argo Group announced its interim results for the six months to 30 June on Thursday, with revenues of $4m, up from $3.1m a year ago.

The AIM-traded group reported operating profit $3.8, up significantly from $0.2m, with profit before tax growing to $4.9m, compared with a $4.2m loss at the same time last year.

Net assets stood at $24.2m at period end, up from $22.4m at the start of the period.

“The performance of the first six months of 2016 is mainly attributable to the monetisation of certain distressed positions, with a sizeable contribution to profit also coming from the resurgence in Emerging Market Debt,” said CEO Kyriakos Rialas.

“Moving forward we are now ready to expand our marketing efforts with the key focus of relaunching the flagship Argo Fund and boosting our AUM.”