Blue Oar hit by tough market conditions
Wednesday, September 03, 2008
Blue Oar, the investment bank and stockbroker, saw its fee and commission income fall by 31% to £6.7 million in the six months to June 30, reflecting tough market conditions especially for corporate finance and new issues.
Andrew Monk, the firm’s chief executive, said the conditions remained challenging and it was difficult to predict when confidence would return. He added that the second half of the year was unlikely to show much improvement unless current market conditions changed dramatically.
The difficulties meant that Blue Oar’s pre-tax losses widened to £1.6 million from £1.0 million over the same period last year. Net cash fell to £16.4 million from £19.4 million, largely reflecting expenditure on one-off or non-trading outflows. However, the interim dividend was maintained at 0.24p per share, which it said was consistent with its confidence in its strategy and future.
During the period the firm strengthened its Blue Oar Securities research and corporate finance teams and bolstered the Rowan Dartington management team. It also acquired Astaire & Partners and a Stroud office for Rowan Dartington. The company’s asset management arm launched its first fund and another in the pipeline.
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