- Argo Group reported pre-tax profits of $4.7m for the year to the end of December, up from $0.6m a year ago, while net assets increased to $27.7m from £20.1m.

Revenues rose to US$10.3m for the year ended December, from US$6.4m in 2016.

Operating profit was US$2.0m, compared with an operating loss of US$0.6m in 2016.

The firm said it will not declare a final dividend but intends to restart dividend payments as soon as the group's performance provides a consistent track record of profitability.

Argo group said its priority is to boost AUM over the coming year. The group said it would continue marketing efforts to focus on the re-launch of TAF which has a 17 year track record as well as identify acquisitions that are earnings enhancing.

'The volatility of markets in early February 2018 proved that ETFs are not a perfect substitute for active investment management strategies,' Argo group said. This provides the firm with optimism that investors will return to hedge funds.

Chief executive Kyriakos Rialas said: 'I am very pleased with the Funds' exceptional performance in 2017 derived mostly from two restructured distressed transactions and I am also most encouraged by the active strategies of the Argo Fund Ltd with double digit return in 2017 and the successful navigation of the market turmoil in February 2018. This is what distinguishes Hedge Funds from long only directional funds. The challenge for our Group remains to increase assets under management in 2018.'

At 10:22am: [LON:ARGO] Argo Group Ltd share price was +0.5p at 17.75p

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