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Merchant Securities

  • BY: Andrew Hore |
  • POSTED: 31/07/2011 |

Aim adviser and wealth management company Merchant Securities has grown its underlying profit by one-third.

Revenues grew 10% to 8.4m in the year to March 2011, while underlying pre-tax profit improved from 834,000 to 1.12m. There has been a strong start to the current year. 

The number of employees has increased from 43 to 73 over the past year. The new London office gives additional scope for expansion even though the rent is lower than the previous premises.

Acquisitions have helped the private client wealth management division more than double funds under management from 205m to 487m. Merchant is trying to move more of those funds to a discretionary basis.

There is net cash of 2.62m at the end of March 2011.

Merchant remains keen to expand both its broking and its wealth management businesses. There are brokers on the market at the moment but it does not necessarily mean that they will be good businesses to buy. Merchant may be better off taking on teams from brokers rather than acquiring a whole business. 

At 13p a share, Merchant is valued at 6.67m. 

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