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Daniel Stewart Securities

  • BY: Andrew Hore |
  • POSTED: 30/09/2013 |

Shares in Aim broker Daniel Stewart Securities fell by one-third after it reported sharply lower full year revenues and trading only started to improve in August.

In the year to March 2013, reported revenues fell from £8.82m to $4.82m, with a swing from a profit of £478,000 to a loss of $1.34m. .However, these figures have been hit by a swing from realised and unrealised profit on trading to a loss. Daniel Stewart owns warrants in Quindell and its share price decline during the second half of the brokerís financial period could not have helped - although the share price has since recovered.
The corporate finance activities reported a reduction in revenues from £6.01m to £5.2m. Daniel Stewart

The corporate finance activities reported a reduction in revenues from £6.01m to £5.2m. Daniel Stewart advised on the bid for Sportingbet by William Hill and GVC but not all expected deals happened. The planned flotation of China-based beauty and personal care products supplier Herbalcos International did not happen. The company has 41 brokerships, down from 53 at the end of the previous year and the amount raised for clients declined from £37m to £27m.
Daniel Stewart has more than £300m of assets under management.

At 0.38p a share, Daniel Stewart is valued at £1.98m. The broker still has £951,000 in cash and short-term financial assets but the cash outflow needs to be stemmed.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFSeptember2013_48.pdf

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