30th Sep 2013 14:51
LONDON (Alliance News) - Stockbroker and wealth manager Daniel Stewart Securities PLC Monday report it swung to loss in its last financial year as revenues slumped, mainly due to a balance sheet mark down of the value of unrealised assets but also because its corporate advisory and stockbroking operations were hit by the economic downturn.
The company reported a net loss of GBP3.1 million in the 12 months to end-March, compared with a profit of GBP478,470 a year earlier as revenues fell to GBP4.8 million, from GBP8.8 million.
Its assets under management increased by GBP50 million to over GBP300 million.
"We take some small comfort that the recession does now seem to be behind us and we have also seen some tangible signs of improvement within our Corporate Finance and Capital Markets business during the first half of the current financial year," Chairman and Chief Executive Peter Shea said in a statement.
The shares were down 30.4% at 0.4 pence Monday afternoon, one of the biggest declines on the AIM market.
By Steve McGrath; [email protected]; @SteveMcGrath1
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