- Argo's revenues rose to US$4.0 million in the six months to the end of June - up from $3.1m a year ago.

Operating profit increased to US$3.8 million from US$0.2 million and the group made a pre-tax profit of US$4.9 million compared with a loss of US$4.2 million.

Net assets stood at US$24.2 million (31 December 2015: US$22.4 million).

Chief executive Kyriakos Rialas said: "The performance of the first six months of 2016 is mainly attributable to the monetisation of certain distressed positions, with a sizeable contribution to profit also coming from the resurgence in Emerging Market Debt. Moving forward we are now ready to expand our marketing efforts with the key focus of relaunching the flagship Argo Fund and boosting our AUM."

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