Top Arden analyst to take over as chief

Jeremy Grime, the highly-rated financial analyst at Arden Partners, is to become the City stockbroker’s new chief executive.

A board reshuffle will also see Howard Flight, the former Guinness Flight executive and Conservative MP, become senior independent non-executive in place of Philip Dayer.

The shake-up came amid interim results in line with expectations. For the six months to April 30, revenue rose 41 per cent to £6.5m. Pre-tax losses narrowed from £326,000 to £270,000. The loss per share widened from 0.3p to 1.7p. It passed on an interim dividend. Arden shares opened unchanged at 88½p.

Mr Grime will take over the role of chief executive by the end of the year from Jonathan Keeling, who will move up to deputy chairman with responsibility to develop Arden’s Indian business.

Arden is broker to seven Indian-focused, London-listed companies including Great Eastern Energy, Hardy Oil & Gas and KSK Power Venture and Mr Keeling described India as becoming an important part of the business. “The opportunities coming out of India are immense,” he said.

Mr Grime has led Arden’s financials team since 2007 and was recently voted number one in the prestigious Extel analyst rankings.

Revenue from the group’s corporate finance division rose to £2.9m (from £2.4m) after advising on six mergers & acquisitions deals and raising £120m (£43m) for clients.

The group’s equities business saw revenues soar 63 per cent to £3.6m after beefing up headcount by more than a third.

“Market weakness has delivered opportunities in terms of staff recruitment and client wins which have helped Arden’s franchise to grow,” said Mr Keeling.

At the same time Arden said Philip Dayer would resign as the group’s senior independent non-executive director. He has been with Arden since the group’s listing on Aim in July 2006.

Mr Flight was the former Tory deputy chairman and founder of Guinness Flight Hambro fund management. He also held senior positions at Investec Asset Management and Panmure Gordon. He was dropped as an MP before the 2005 election for airing comments on tax.