Broker and investment manager Argonaut has posted a $1.79 million annual profit, down 39 per cent on the previous year on weak trading activity.
Argonaut said revenue was down slightly from the previous corresponding period at $16.4 million and was affected by continued uncertainty in global financial markets, political uncertainty in a number of key jurisdictions and softer commodity prices.
"Investor risk appetite diminished in this environment and was not conducive to emerging capital market activity," the company said in a statement.
Argonaut chief executive Charles Fear said the company had produced a reasonable result in a difficult market.
"We continue to support well managed companies in our target markets via our high quality research, corporate advice and our distribution capabilities via our Australian and Asian domiciled team," he said.
"The breadth of the group's offering to the market including its debt advisory business, a growing institutional business and strong links to Asia via our Hong Kong office leave us well positioned for a future recovery in financial markets."
Mr Fear said Argonaut was looking forward to improved conditions in the coming year after an extended period of subdued activity with attractive valuations of companies in the resources sector, accommodative interest rate settings and an improving global economic outlook.
"Argonaut continues to seek well credentialed, high performing and motivated individuals to join its expanding team," he said.