- The hedge fund, Argo Group, achieved profits before tax of $2.2m in the year ended December 31 2011.

This was around $300,000 lower than the previous year.

Revenues grew from $10,9m in 2010 to $11.2m last year.

Commenting on the results and outlook, Kyriakos Rialas, Chief Executive of Argo said: "Despite a very difficult year for the whole of the hedge fund industry, Argo managed to produce a profit in 2011 through active cost control and sustainability of its income.

"We successfully completed the merger of our property assets under a listed company, AREO, and maintained our strong balance sheet and liquidity while at the same time buying back some more shares and increasing the dividend payout. We begin the new year on a positive note as we undertake a number of initiatives to sanitise our funds and reconfirm our mandate as fully described in the accounts."

At 11:58am: [LON:ARGO] share price was +0.75p at 15.25p

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