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Alexander David Securities Group
- BY: Andrew Hore |
- POSTED: 13/05/2011 |
- COMMENTS: Add yours
Aim adviser Alexander David Securities Group says that it was profitable in the first quarter of 2011.
Turnover has improved from £766,000 to £811,000 year-on-year. If this level of activity continues then Alexander David should have enough cash for its immediate needs.
Turnover rose 12% to £2.55m in 2010 but the loss increased from £557,000 to £970,000. The loss includes a £146,000 charge relating to the attempt to buy HB Markets. The cash outflow was £941,000.
The private client sales business was profitable but corporate finance and institutional sales lost money. Funds under management grew from £31m to £34m.
The number of corporate clients increased from 13 to 17 and Alexander David raised £15m for its clients during 2010.
Last year, £1.72m of debt and interest was converted into preference shares and £364,000 was raised from a placing. Net cash was £169,000 at the end of 2010. At the end of April 2011, Alexander David had warrants worth £430,000.
At 0.28p a share, Alexander David is valued at £1.74m.
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