- Argo Group's revenues rose to $4.7m in the six months to the end of June - up from $3.9m last time.

Operating profits increased to $0.8m from $0.7m and the group posts a pre-tax profit of $1.7m compared with a loss of $15.3m last time which included a one-off goodwill impairment charge of $14.9m.

Chief executive Kyriakos Rialas said: "Argo's performance and financial position remain consistent despite ongoing volatility in the hedge fund trading environment.

"I am pleased to inform you that our business is operating efficiently, we have a strong, debt-free balance sheet and we have maintained the level of dividend payout.

"Our focus in the first half of the year has been to extract value and liquidity from existing positions and to continue to market the new fund that was launched at the end of 2012.

"It is our intention to continue on this track into the second half of the year."

At 8:14am: [LON:ARGO] share price was +0.38p at 16.38p

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