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Merchant Securities

  • BY: Andrew Hore |
  • POSTED: 21/08/2008 |

The purchase of Aim adviser John East helped Merchant Securities increase turnover by 30% last year.

Merchant generated revenues of £5.34m in the year to March 2008 and John East contributed from its acquisition in October 2007. Merchant still lost £778,000 in the year, against £438,000 in 2006-07. A breach of FSA rules led to £253,000 of fines and one-off costs but the previous year’s figures included flotation expenses. 

The corporate advisory division made the main contribution towards central costs.

Dom Maklerski IDM Spolka Akcyjna, a large Polish stockbroker, has taken a 17.06% stake. It invested in July when Merchant raised £1.58m at 10p a share – a large discount to the share price at the time. The company had £2.9m cash in the bank at the end of July 2008.

The shares dipped 0.5p to 14p, valuing Merchant at £10.9m.

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