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Daniel Stewart Securities

  • BY: Andrew Hore |
  • POSTED: 01/09/2009 |

Former Hichens Harrison boss Adam Wilson is joining Daniel Stewart Securities as a non-executive director.

Wilson owns 9.76% of the Aim adviser and should be able to help with potential business from the Middle East.

Arbuthnot is replacing Astaire as nominated adviser to Daniel Stewart.

This news came just before the results for the year to March 2009 were published. Revenues slumped from 8.37m to 4.38m, while the loss increased from 2.01m to 2.65m. Share trading losses were reduced and there was no repeat of the 1m bonus so this helped to hold back the rise in the loss.

There was 1.16m in the bank at the end of March 2009 and this figure has risen to 2m. Daniel Stewart raised 1m in June but this still indicates that the cash outflow has apparently slowed. Last year, there was an outflow from operations of 4.16m.

Completing a number of transactions in recent months has probably helped cash flow. Cost cutting has also helped. The number of staff fell from 46 at the end of 2008 to 39 at the end of March 2009. There may be a slight increase in property costs for the London head office once a new lease is agreed.

The share price rose 0.5p to 2.875p, which values Daniel Stewart at 8.98m.

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