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Alexander David Securities Group

  • BY: Andrew Hore |
  • POSTED: 13/05/2011 |

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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