Hume Capital Securities, which was formerly known as XCAP Securities, continues to lose money but believes it will report improved figures in the year to August 2014.
In the year to August 2013, revenues improved from £5.3m to £6m. The broking operations made a profit but the wealth management division continued to lose money, although it was apparently profitable for the last few months of the year. Since the end of the year, £500,000 of annual cost savings have been made – taking total annual savings to £2.4m..
There was £830,000 in the bank at the end of August 2013 and £905,000 was raised in November at 0.28p a share. There was a £761,000 cash outflow in the year to August 2013 when Hume reported a loss of £3.66m.
This was an improvement on the cash outflow of £1.78m in the first six months of the period.
At 0.33p a share, down 0.03p, Hume is valued at £6.89m.
Hume has 22 corporate clients andis working on a flotation for this year.
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