StockMarketWire.com - Asset manager Arrow Global swung to a loss as asset write downs and a fall in cash collection owing the to the impact of the coronavirus pandemic hurt first-half performance.

For the six months ended 30 June, the company reported a pre-tax loss of £136m, compared with a profit of £32.5m on-year as cash collections fell to £175.8m from £202.1m.

The loss was driven by the £133.6m 'non-cash impairment charge relating to the write-down in the value of the carrying value of assets on the balance sheet due to the impact from COVID-19,' the company said.

Looking ahead, the company touted signs of improvement and said it expected to return profit in the second half of the year.

'The business anticipates that it will return to profitability in H2 2020, with further improving profitability targeted through a combination of fund deployment, gradually recovering cash collections and cost action by management,' the company said.





At 9:56am: [LON:ARW] Arrow Global Group share price was +10.45p at 90.35p



Story provided by StockMarketWire.com