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Dowgate Capital

  • BY: Andrew Hore |
  • POSTED: 18/09/2008 |

Dowgate Capital fell into loss in the first half of 2008 due to investment in its new stockbroking team.

The original businesses were profitable but one-off costs and additional overheads relating to the expanded broking operation meant that a profit of £596,000 was turned into a loss of £584,000 in the six months to June 2008.

The additional costs included £496,000 of pension contributions. The new team of Dru Edmonstone, Philip Dumas and Spencer Moulton will take time to build up revenues.

Revenues fell from £3.2m to £2.6m. Retainer income held up well but transaction fees and commissions were lower. Activity levels remain lower than in the past. Retainer income it running at just over £1.6m a year.

Dowgate is paying a 0.2p a share dividend, although that is lower than last year’s interim payment of 0.4p a share.

Dowgate has bought 200,000 of its own shares at 10p each.

At 10.25p a share, Dowgate is valued at £4.12m.

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