Daniel Stewart Securities remained profitable in the year to the end of March despite the economic environment showing little improvement.
The investment bank saw revenues increase to £8.8m from £8.4m but after-tax profits fell to £0.5m - down from £1.0m a year ago.
The group says liquidity remains strong and it had cash at its year-end of £1.1m.
And it said that assets under management within its retail and wealth management division doubled to in excess of £250m (up from £125m).
Group chief executive Peter Shea said: "We are very pleased to have returned a profit during these most difficult times.
"We have been focussed on the delivery of a quality service to our clients throughout and this has provided us with a positive result.
"Daniel Stewart is in good shape despite the prevailing economic malaise.
"We have adapted and changed our business, adding new distribution channels, developing overseas partners and establishing our own presence in Asia.
"We have launched innovative products and maintained our position as a leading adviser to UK small and mid cap corporates and investors.
"Additionally we have made significant developments in our wealth management business and have seen a dramatic rise in our assets under management, as well as improving volumes across our entire retail market product range.
"The economic environment has shown little improvement as far as small and mid caps are concerned and business generation remains challenging.
"However, we expect that in the near term at least, much of ourcorporate work will be generated from overseas, providing us with a decent pipeline of opportunities."
No comments:
Post a Comment