Argonaut, Hartleys record strong results

Stockbroking and investment banking has proved lucrative for local players Hartleys and Argonaut which both delivered big profit gains for the year ending June 30.

Hartleys annual report obtained this week by WA Business News revealed a pre-tax profit of $13.8 million for the 2009-10 financial year, compared to $8.6 million. Net profit was $9.6 million compared to $6 million. Revenue was $49.7 million, up from $36.2 million.

Argonaut generated profit before tax and IFRS adjustments of $8.1 million, up from $2.3 million the previous corresponding period. Argonaut's net profit was $7.2 million.

Below is the release from Argonaut:

Perth-based investment house, Argonaut Limited, has lodged its audited financial statements with ASIC for the year ended 30 June 2010, delivering a strong result.

On revenue of $23.7 million, Argonaut generated profit before tax and IFRS adjustments of $8.1 million (2009: $2.3 million). This is a key measure as it represents operating activity. The net profit after tax was $7.2 million.

Commenting on the result, Argonaut's Managing Director Eddie Rigg said:

"All aspects of Argonaut's business performed well. Most pleasing has been the recognition of our high quality research and the growth of our institutional business.

During the financial year 2010, Argonaut was lead or joint lead manager to capital raisings of more than $500 million.

These funds were raised for natural resource companies and businesses that service mining and energy companies with market capitalisations between $30 million to $2 billion, making Argonaut one of the leaders in our target market."

Mr Rigg says he is looking forward to improved results in FY2011.

"Performance in FY2011 is on target to at least match the 2010 result," he said.

Argonaut continues to seek motivated individuals to join its expanding team.