- Argo's revenues slipped to $8.8m in the year to the end of December from $8.9m in 2012. But operating profits rose to $1.0m from $0.9m.

The company posts a pre-tax profit of $2.1m (2012: loss before tax US$14.2m after a one-off goodwill impairment charge of US$14.9m).

Chief executive Kyriakos Rialas said: "In 2013 Argo maintained its profitability at a satisfactory level and we are encouraged by signs of improved valuations in some of Argo's most important private equity assets.

"Whilst Argo is currently conserving liquidity we remain committed to paying a dividend as soon as possible. I am very pleased to report that the Argo Distressed Credit Fund was ranked Best Distressed Securities Fund in Europe by World Finance Hedge Fund Awards 2013 and a top 5 hedge fund over three years in the category of Emerging Markets Global Funds by BarclayHedge at the end of March 2014."

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