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Daniel Stewart profits up 225%

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Daniel Stewart, the investment bank offering corporate advisory and institutional stockbroking services, has announced a 236 per cent increase in group revenues to GBP8.5m (2010: GBP3.6m), in its final results for the year ended 31 March 2011.

Gross profit is up 225 per cent to GBP8.1m (2010: GBP3.6m), while reported profit after tax of GBP1.0m (2010: loss GBP2.8m). The group’s fully diluted profit per share is 0.28p (2010: loss of 0.82p) while its cash balances at year end was GBP2.4m (2010: GBP1.3m).

Peter Shea, Group Chairman and Chief Executive, says: “I am extremely pleased with our strong performance in what has continued to be challenging market conditions. The key to our progress is that we have been proactive and innovative in expanding our product and service range for corporate and private clients alike.  We now advise many overseas businesses as well as domestic clients on a wide range of product offerings, including UK capital markets, Asian debt and capital markets, US OTCQX and international bonds.
 
“We have established a wealth management business that has grown quickly and now enjoys assets under management in excess of GBP125 million.
 
“We will continue to add to our product base, further improve our team, build our assets under management and develop our geographic reach with a particular focus on Asia. The results achieved at our year end reflect the substantial improvement in our business model and we anticipate that we will continue to improve upon this further during the current financial year.”

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