Argo Group Limited (GB:ARGO) has released an update.
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Argo Group Limited reported improved revenues of $3.1 million and a reduced operating loss of $1.4 million for the year ended December 31, 2023, although the loss before tax increased to $14.4 million from the previous year’s $3.4 million. The company highlighted a strong recovery in The Argo Fund Limited towards the end of the year, buoyed by emerging market bonds and positive contributions from restructured sovereign bonds, particularly in Argentina and Ecuador. Despite the setbacks, including a full provision for a loan to Ukraine due to the ongoing war, Argo Group remains optimistic for 2024, with The Argo Fund Limited surpassing its high watermark, signaling potential performance fees.
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