- Argo Group's revenues fell to $8.9m in the year to the end of December - down from $11.2m last time - and operating profits dropped to $0.9m from $2.1m.

The group posts a pre-tax loss of $14.2m after a one-off goodwill impairment charge of $14.9m (2011: profit $2.2m).

Chief executive Kyriakos Rialas said: "During 2012 Argo maintained a strong balance sheet forming a solid basis for further growth and satisfying all regulatory requirements.

"This was achieved despite full impairment of goodwill and further cost reductions to bring costs in line with reducing revenue. At fund level, our team is firing from all cylinders with activist management producing results through restructuring of assets, extracting value and liquidity.

"In the second half of the year, and in order to satisfy current investor demand, a new fund with weekly liquidity was launched, investing in emerging market local currency sovereign bonds. Marketing effort is also intensifying with a focus on this new liquid fund."

At 9:57am: [LON:ARGO] share price was 0p at 14.25p

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