- A one-off goodwill impairment charge plunged Argo Group into the red in the six months to the end of June.

The group's revenues fell to $3.9m from $6.2m and operating profits slipped to $0.7m from $1.0m a year ago.

But the group posts a pre-tax loss of $15.3m compared with a profit of $1.2m last time after the impairment charge of $14.9m.

Chief executive Kyriakos Rialas said: "Global markets have once again proved challenging and Argo has continued to meet this challenge head-on through fund restructuring, new fund initiatives and cost-cutting.

"During the period Argo paid an increased dividend and successfully completed various asset management initiatives at its retail parks in Romania and Ukraine.

"Emerging markets remain attractive and despite the challenges posed by the global markets for asset gathering we are confident that through its strong balance sheet Argo is well-positioned to weather the current economic downturn and to benefit from the eventual global recovery."

At 8:58am: [LON:ARGO] share price was +0.01p at 11.13p

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