17th Nov 2005 07:00
Daniel Stewart Securities PLC17 November 2005 FOR IMMEDIATE RELEASE 17 NOVEMBER 2005 DANIEL STEWART SECURITIES PLC INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2005 The Board of Daniel Stewart Securities plc ("Daniel Stewart" or "the Company")is pleased to announce record interim turnover and profits, for the six monthsto 30 September 2005. FINANCIAL HIGHLIGHTS: •Group Turnover up 153% at £5,245,057 (2004: £2,070,211) •Profit before Tax up 146% at £2,196,568 (2004: £892,597) •Earnings per share of 0.92p (2004: 0.52p) •Net Assets increased to £11,005,080 (2004: £6,617,690) •Turnover and cost of sales have both been restated to reflect the net margin achieved from our share trading activities. This adjustment has no effect upon profit, however the directors consider this adds greater transparency to the reported performance of the group. OPERATIONAL HIGHLIGHTS: •Number of retained Brokerships 31 and Nomad Clients 25. €18 transactions completed in the period including 6 IPOs, 8 Secondary Placings and 4 Corporate Finance transactions. £€47m raised for our corporate clients during the period. •Significant increase in secondary trading volumes. •Successful relocation to new premises which has allowed for the continued expansion of our staff to 33 people. CURRENT TRADING: The first 6 weeks of the second half of the current year have seen the Companycontinuing to trade well. Six new transactions have been completed including a£9m secondary fundraising for AT Communications Plc, a £21m secondaryfundraising and open offer for Retail Decisions Plc (acting as Joint Broker) andthe conditional acquisition for $96m of SPORTSBETTING.COM Group for World GamingPlc which has included a $60m debt and equity financing arranged by DanielStewart. Operationally we have continued to expand our Corporate Broking and SalesTrading Departments by the addition of 4 new staff. We believe that our reputation within the AIM market continues to grow and welook forward to the remainder of the financial year with confidence. --ENDS-- Enquiries: DANIEL STEWART SECURITIES PLC Tel: 020 7776 6550Peter SheaAlastair Cade BISHOPSGATE COMMUNICATIONS LIMITED Tel: 020 7430 1600Maxine BarnesDominic Barretto Notes to Editors: About Daniel Stewart Daniel Stewart is an AIM listed company providing a range of investment bankingservices to small publicly traded and non-publicly traded companies. DanielSteward and Company is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange. For further information visit: www.danielstewart.co.uk Daniel Stewart Securities plc Consolidated profit and loss accountFor the six months ended 30 September 2005 Six months ended Year ended Six months ended 30 September 2005 31 March 2005 30 September 2004 Restated Revenue 5,245,057 6,027,842 2,070,211 Cost of sales (231,005) (378,179) 197,809 ----------- ---------- ---------- Gross profit 5,014,052 5,649,663 2,268,020 Administrative costs (2,845,994) (3,594,750) (1,267,497) ----------- ---------- ---------- Result from operating activities 2,168,058 2,054,913 1,000,523 Interest 109,301 82,144 10,021 Depreciation and amortisation (74,717) (132,110) (63,751) Loss on disposal of fixed assets - - (4,196) Exceptional items (6,074) - (50,000) ----------- ---------- ---------- Profit before tax 2,196,568 2,004,947 892,597 Tax expense (367,318) (180,000) - ----------- ---------- ---------- Net profit for the period 1,829,250 1,824,947 892,597 Dividend - - - ----------- ---------- ---------- Retained profit 1,829,250 1,824,947 892,597 ----------- ---------- ---------- Daniel Stewart Securities plc Consolidated balance sheetAs at 30 September 2005 30 September 31 March 30 September 2005 2005 2004 Fixed assets Property plant and 398,326 64,551 80,659 equipment Goodwill 1,677,697 1,731,532 1,787,318 Financial assets 367,106 367,106 623,056 ----------- ---------- ---------- 2,443,129 2,163,189 2,491,033 ----------- ---------- ---------- Current assets Financial assets 3,072,696 1,530,704 1,748,547 Trade and other 4,473,653 2,733,565 1,620,364 receivables Cash and cash 2,783,042 3,000,157 1,018,651 equivalents ----------- ---------- ---------- 10,329,391 7,624,426 4,387,562 Creditors falling (1,528,252) (835,345) (260,905) due within one year ----------- ---------- ---------- Net current assets 8,801,139 6,429,081 4,126,657 Creditors falling (219,187) (304,565) due after one year ----------- ---------- ---------- Net assets 11,025,080 8,287,705 6,617,690 ----------- ---------- ---------- Issued share capital 520,346 508,123 456,526 Profit and loss account (734,554) (2,563,804) (3,496,152) Share premium account 3,785,382 2,889,480 1,917,410 Other reserves 7,453,906 7,453,906 7,739,906 ----------- ---------- ---------- Equity shareholders' 11,025,080 8,287,705 6,617,690 funds ----------- ---------- ---------- ----------- ---------- ---------- Daniel Stewart Securities plc Consolidated cash flowFor the six months ended 30 September 2005 Six months ended Year ended Six months ended 30 September 31 March 30 September 2005 2005 2004 Operating activities Pre tax profit 2,196,568 2,004,947 892,597 from consolidated companies Amortisation 74,717 132,110 63,751 and depreciation ----------- ---------- ---------- 2,271,285 2,137,057 956,348 Movements in working capital Decrease / (1,272,539) 106,820 (431,520) (increase) in receivables Increase in payables 325,590 230,752 43,513 Increase in (510,882) (342,934) (403,718) financial assets held for trading ----------- ---------- ---------- Operating cash flow 813,454 2,131,695 164,623 ----------- ---------- ---------- Investing activities Expenditure on (354,657) (57,229) (18,329) tangible fixed assets Disposal of - 4,196 tangible fixed assets Acquisition of 46,630 - fixed asset investments Provided in respect of - (127,008) fixed asset investments Recognition of options (1,031,110) - - ----------- ---------- ---------- Cash flow from (1,385,767) (10,599) (141,141) investing activities ----------- ---------- ---------- Financing activities Loans made to (942,340) (1,811,861) (258,120) third parties Loans received 511,766 Loans 474,792 97,800 recovered from third parties Loans repaid (85,379) to third parties Issue of share 908,125 1,023,667 capital ----------- ---------- ---------- Cash flow from 355,198 (276,428) (160,320) financing activities ----------- ---------- ---------- Cash and cash 3,000,157 1,155,489 1,155,489 equivalents at start of period Cash and cash 2,783,042 3,000,157 1,018,651 equivalents at end of period ----------- ---------- ---------- (Decrease) / (217,115) 1,844,668 136,838 increase in cash and cash equivalents ----------- ---------- ---------- Earnings per 0.92 1.02 0.5172 share - pence (excluding goodwill amortisation) ----------------------------------------------------------------------------- Notes to the interim report The financial information as reported above does not constitute full statutoryaccounts within the meaning of section 240 of the Companies Act 1985. The financial information for the period ended 31 March 2005 has been restatedto accord with international accounting standards, and as such is un-audited.The financial information for the interim periods, also prepared underinternational accounting standards, is un-audited. The financial information reported in respect of the year ended 31 March 2005has been extracted from the full statutory accounts on which the auditors havegiven an unqualified opinion, and restated to reflect International AccountingStandards. Those financial statements have been filed with the Registrar ofcompanies. The un-audited financial information for the six months ended 30 September 2005has been prepared in accordance with International Accounting Standards. UnderUK GAAP the pre tax profit reported above would have been £1,165,457. Earning per share is based upon profits after tax before amortisation ofgoodwill. 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