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Daniel Stewart Securities
- BY: Andrew Hore |
- POSTED: 24/10/2008 |
Daniel Stewart Securities’ revenues halved in the six months to September 2008.
They fell from £5.45m to £2.61m. The Aim adviser reported a £1.2m loss, against a £1.23m profit in the first half of the previous year.
The operating cash outflow was £1m. A fund raising in the period meant that there was cash of £2.65m at the end of September 2008. The cash burn is apparently reducing.
The number of brokerships rose from 40 to 46 and since September this has increased further to 53. During the period Daniel Stewart completed nine transactions and three secondary placings. Daniel Stewart introduced San Leon Energy to Aim in October and plans two more introductions by next March.
Daniel Stewart shares fell 0.25p to 2.125p each, which values the Aim adviser at £5m.
Rival Aim adviser has admitted that it held merger talks with Daniel Stewart but the latter says that they have ended.
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