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Daniel Stewart Securities

  • BY: Andrew Hore |
  • POSTED: 24/12/2013 |

Many brokers are showing signs of improved trading on the back of the recovery in Aim but Daniel Stewart Securities has not experienced that upturn yet. 

In the six months to September 2013, revenues declined from £2.56m to £2.11m, but the reported loss barely changed from £998,000 to £982,000. Annualised overheads have been cut by £1m.

Cash in the bank fell from £1.18m to £488,000 over the past six months. That suggests that the cash outflow needs to be reduced or Daniel Stewart will require more cash. The NAV has fallen from £3.79m to £2.81m - including £2.16m of goodwill.

Daniel Stewart raised £12m for clients during the period, compared with £18m in the same period of the previous year. The number of retained brokerships has fallen from 46 to 33 over 12 months.

There are positive signs with October and November close to breakeven and December should be profitable - albeit a small profit.

At 0.38p a share, the Aim adviser is valued at £1.98m.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFDecember2013_51.pdf

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