Argo Group has reported that profit before tax for the year ended 31 December 2016 was US$0.6m, compared to a loss before tax US$2.9m in 2015.
- Revenues US$=$6.4m (2015: US$5.7m)
- Operating loss US$0.6m (2015: operating profit US$0.2m)
- Net assets US$20.1m (2015: US$22.4m)
Commenting on the results and outlook, Kyriakos Rialas, Chief Executive of Argo said:
"We are extremely satisfied with the solid performance of 2016. Emerging Markets bond funds continue to attract inflows and exhibit stability and reduced volatility, as they now form a significant part of any balanced global portfolio. The positive performance of our fund for the first two months of 2017 confirms this. The balance sheet of our company is strong and the first buyback programme has been a success elevating the book value of the company. The second buyback programme will expire in September 2017. We are investing in the future of the company both in human resources and IT and we hope to attract additional inflows into our Argo Fund going forward."
At 3:00pm: (LON:ARGO) Argo Group Ltd share price was 0p at 15.25p