Daniel Stewart DAN.LN the Pan Euro-Middle East & Asia investment bank and corporate broker announce they will turn in a profit for the period ending 31st March 2012.
Given the perilous state of the brokerage market in London at the moment Daniel Stewart are beating the odds, winning new clients, advancing deal flow and delivering significant growth in mandates from Asia
See Below
Pre close statement for the year ending 31 March 2012
The Board of Daniel Stewart is pleased to provide the following pre-close statement for the period ending 31 March 2012.
We are pleased to advise that, as indicated in our interim statement, we will post a profit for the year ended 31 March 2012. We will announce our audited results as soon as they are available.
Overall trading conditions in the UK small and mid-cap markets remain challenging and the brokerage industry has experienced a period of consolidation as firms re-align their revenues and costs.
Against this backdrop it is pleasing that Daniel Stewart's strategy of developing relationships with overseas partners, thereby expanding our distribution and widening our net in terms of corporate deal flow, has continued to prove successful. We have successfully raised funds in 21 separate transactions for corporate clients during the course of the year.
We are particularly pleased with our joint co-operation with Clarkson Capital, which has undoubtedly improved both our research range, as well as our distribution. It has also helped us target the Middle East and Asia Pacific regions more effectively to the benefit of both corporate and institutional clients. Moreover we have applied for a licence in Hong Kong, which we anticipate will soon be granted. We believe that having a permanent base in this region will be a significant step towards expanding our footprint in other parts of Asia.
As further endorsement of our Far Eastern strategy Jade Global Investments Limited, a financial services company based in China, recently increased their shareholding up to 5.65% with a subscription for a further 10,000,000 shares.
Our Wealth Management business has continued to perform well and we have added additional clients continuously throughout the period.
The Directors are pleased with this performance, and approach the next financial year with renewed optimism.
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