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Merchant Securities

  • BY: Andrew Hore |
  • POSTED: 18/05/2011 |

Aim adviser and wealth manager Merchant Securities says that its underlying profit in the year to March 2011 rose 36% to 1.1m.

There were one-off costs for the move to a new London office. Revenues were 10% higher at 8.4m.

Merchant Securities has 2.6m in the bank. In February, Merchant Securities acquired GT Independent Financial Advisers for an initial 2m in cash and shares. 

Assets under advisory and discretionary management doubled to 486m, while the broking side also performed well in tough market conditions.

At 16.5p a share, up 3p, Merchant Securities is valued at 8.47m. The shares had been trading at a 52 week low.

Full year figures will be reported at the end of July. These will be the last figures presented by finance director John Foster-Powell, who steps down in September.

Download the May 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFMay2011_20.pdf

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