- Argo Group posts pre-tax profits of $1.2m for the six months to the end of June - down from $2m a year ago.

Revenues fell slightly to $5.6m from $5.8m and operating profits dropped to $1.1m from $1.5m.

Argo says the operating and pre-tax profit figures are after bonus accrual of $840,000 (June 2009: nil).

Chief executive Kyriakos Rialas said: "As Argo's flagship fund enters its 10th year of existence the company continues to produce a steady and profitable performance.

"During the period Argo paid a dividend and carried out a successful buyback of shares whilst still maintaining its strong balance sheet and liquidity.

"We are confident that Argo is well-positioned to take advantage of the record levels of recent inflows into emerging markets and that the company will continue to produce positive results."

Story provided by