9th Jul 2014 08:32
LONDON (Alliance News) - Shares in Daniel Stewart Securities PLC rose Wednesday after the stockbroker and wealth manager said it narrowed its losses in its last financial year, and said the first quarter of the current financial year has seen a further pick-up in activity with a strong pipeline.
Daniel Stewart shares were up 15% at 0.247 pence Wednesday morning.
The company said it expects to report a substantial improvement in its losses before goodwill impairment charges for the financial year ended March 31, supported by improving economic and market sentiment in the second half of the year.
"The second half of the year showed considerable improvement... but not sufficient to generate a profit for the period," the company said in a statement Wednesday.
Daniel Stewart said trading in the first quarter of the current financial year has also picked-up.
"The first quarter saw a further improvement in activity during which we completed a number of small secondary fundraisings. Our current pipeline gives us encouraging visibility through the remainder of the half year, subject always to the successful completion of these opportunities," the company said in a statement.
Daniel Stewart said it will release its full-year results in September.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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