News blog
Merchant Securities
- BY: Andrew Hore |
- POSTED: 18/05/2011 |
Aim adviser and wealth manager Merchant Securities says that its underlying profit in the year to March 2011 rose 36% to £1.1m.
There were one-off costs for the move to a new London office. Revenues were 10% higher at £8.4m.
Merchant Securities has £2.6m in the bank. In February, Merchant Securities acquired GT Independent Financial Advisers for an initial £2m in cash and shares.
Assets under advisory and discretionary management doubled to £486m, while the broking side also performed well in tough market conditions.
At 16.5p a share, up 3p, Merchant Securities is valued at £8.47m. The shares had been trading at a 52 week low.
Full year figures will be reported at the end of July. These will be the last figures presented by finance director John Foster-Powell, who steps down in September.
Download the May 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFMay2011_20.pdf
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