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IAF Group

  • BY: Andrew Hore |
  • POSTED: 01/09/2008 |

IAF Group managed to increase its annual turnover despite the tough markets.

The stockbroker and corporate finance adviser reported a 25% increase in turnover from continuing operations to £1.49m in the year to June 2008. Some of the growth came from the newly launched US equities desk which was up and running for the last few months of the year. The reported loss was slightly higher at £2.21m.

Corporate finance revenues were lower than expected but they were still higher than the previous year.

IAF has boosted its corporate finance division by appointing Alex Borelli as its boss. More staff are likely to be added. This should help IAF gain the nominated adviser status it has been seeking for the past year.

The JP Jenkins business is picking up new clients for its matched bargains platform as companies decide to cancel their quotations on Aim and Plus-quoted.

Chairman and chief executive David Massie says that he is comfortable with the balance sheet. There was cash of £909,000 at the end of June.

The new financial year has started strongly and turnover in July and August was ahead of the first two months of last year.

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