Daniel Stewart still confident but market turmoil hits figures
Friday, October 24, 2008
The dire state of the market for cash raising and stock market listings was reflected in interim figures from City broker and advisor Daniel Stewart Securities today.
The firm said it had raised £15 million for corporate clients during the period to September 30, down from £106 million last year. Transaction-wise it completed three secondary placings and nine corporate finance deals.
As a result revenues fell to £2.6 million from £5.4 million last time with pre-tax losses coming in at £1.2 million from £2.0 million. The firm said a rearrangement of its cost base had led to a significant reduction in cash burn. In addition, it picked up seven extra brokerships taking its tally to 53.
Chief executive Peter Shea, noted: “As a result of the unprecedented difficulties in the global financial sector and the resulting general economic climate our markets were depressed throughout the first half with little sign of a return in confidence for the second half.”
Shea reiterated his confidence that the firm was robust and able to weather a sustained downturn.
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