Arden says it's toughest for brokers since the Seventies

Stockbrokers are facing "the most difficult and challenging conditions since the 1970s", Lord Flight, chairman of Arden Partners, the City institutional and corporate broker, said today.

But he also said Arden planned to remain in the small and mid-cap market, and that it could pick up more business with the prospect of fewer competitors.

Arden's underlying profits fell from £1.3 million to £1.2 million in the year to October on revenues 5% down at £12.4 million.

The shares, which have halved in value since June, rose 2.5p to 34p.