22nd Nov 2006 07:00
Daniel Stewart Securities PLC22 November 2006 22 NOVEMBER 2006 DANIEL STEWART SECURITIES PLC (AIM) INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2006 The Board of Daniel Stewart Securities plc ("Daniel Stewart" or "the Company")is pleased to announce its financial results for the six months to 30 September2006. FINANCIAL HIGHLIGHTS: •Total fee income up 54% to £5.2 million on same period last year; •Net Assets higher by £1 million than at the same time last year; and •Exceptional losses of approximately £2 million from share portfolio, as a result of changes in United States on-line gaming legislation. OPERATIONAL HIGHLIGHTS: £€88 million raised for our corporate clients during the period (against £47 million for the first six months last year); €37 retained Brokerships (vs 31 at same time last year); €21 transactions completed in the period including 3 IPOs, 10 Secondary Placings and 8 Corporate Finance transactions; •Successful opening of Manchester Office and expansion of our London staff to 36 people; and •Relationship established with US Investment Bank, Sandler Morris Harris. Peter Shea, Group Chief Executive, said "Since the commencement of the secondhalf, we have continued to enjoy success across all of our core activities. Wehave won significant appointments as Nomad and Broker to a number of companiesincluding Sportingbet Plc. Our retained client list has grown from 37 to 43; ofwhich 40 are AIM listed. We have successfully opened our offices in Manchesterand have seen positive developments from our recently established relationshipwith Sanders Morris Harris, a mid tier US Investment Bank, to take advantage ofthe burgeoning interest in AIM from US companies. We are confident that both ofthese recent additions to our geographic coverage will be greatly beneficial. The effect of the US gaming legislation is now behind us and the second half hasbegun well. Our balance sheet remains strong and we believe that our strategy iscorrect and that we will deliver value for our shareholders at year end." --ENDS- Enquiries:DANIEL STEWART SECURITIES PLC Tel: 020 7776 6550Peter SheaAlastair Cade BISHOPSGATE COMMUNICATIONS LIMITED Tel: 020 75603350Maxine BarnesNick Rome/Jenni Herbert Notes to Editors: About Daniel Stewart Daniel Stewart Securities is an AIM-listed company providing a range ofinvestment banking services to Small Cap publicly traded and non-publicly tradedcompanies. The Group has two subsidiaries, Daniel Stewart and Company, theGroup's principal operating subsidiary, which is authorised and regulated by theFinancial Services Authority and is a member of the London Stock Exchange, andDaniel Stewart Capital, the Group's leasing and debt financing division. The Group also has a strong corporate finance team and a successful equityresearch department, which distributes to over 400 institutions, ensuringmaximum exposure for all of the Group's corporate clients. The full interim statement is available on the website atwww.danielstewart.co.uk Daniel Stewart Securities plc Consolidated profit and loss account For the six months ended 30 September 2006 Six months ended Year ended 31 Six months ended 30 September March 2006 30 September 2006 2005 Revenue Corporate finance 5,255,056 8,990,710 3,409,873 Share trading (2,284,738) 3,242,015 1,835,184 Cost of sales (553,801) (905,899) (231,005) ----------- ---------- ---------- Gross profit 2,405,517 11,326,826 5,014,052 Administration costs (3,410,885) (6,377,571) (2,845,994) ----------- ---------- ---------- Result from operating (1,005,368) 4,949,255 2,168,058 activities Interest 149,297 357,656 109,301 Depreciation and (135,677) (231,899) (74,717) amortisation Exceptional - - (6,074) ----------- ---------- ---------- (Loss) / profit before tax (991,748) 5,075,012 2,196,568 Tax expense - (1,303,735) (367,318) ----------- ---------- ---------- Net (loss) / profit for the (991,748) 3,771,277 1,829,250 period Dividend - - - ----------- ---------- ---------- Retained (loss) / profit (991,748) 3,771,277 1,829,250 ----------- ---------- ---------- Earnings per share - pence (0.4) 1.85 0.92 (excluding goodwill) ----------- ---------- ---------- Daniel Stewart Securities plc Consolidated balance sheet As at 30 September 2006 30 September 31 March 2006 30 September 2006 2005 Fixed assets Property plant and 370,384 394,510 398,326 equipment Goodwill 1,568,860 1,623,862 1,677,697 Financial assets 389,364 337,056 367,106 ----------- ---------- ---------- 2,328,608 2,355,428 2,443,129 ----------- ---------- ---------- Current assets Financial assets 2,736,328 3,293,002 3,072,696 Trade and other receivables 7,860,086 6,886,535 4,473,653 Cash and cash equivalents 2,692,161 4,101,880 2,783,042 ----------- ---------- ---------- 13,288,575 14,281,417 10,329,391 Creditors falling due within (2,828,873) (2,999,264) (1,528,252) one year ----------- ---------- ---------- Net current assets 10,459,702 11,282,153 8,801,139 Creditors falling due within (588,000) (640,024) (219,187) after one year ----------- ---------- ---------- Net assets 12,200,310 12,997,557 11,025,080 ----------- ---------- ---------- Issued share capital 532,459 527,596 520,346 Profit and loss account 215,725 1,207,473 (734,554) Share premium account 4,028,270 3,838,632 3,785,382 Other reserves 7,423,856 7,423,856 7,453,906 ----------- ---------- ---------- Equity shareholders funds 12,200,310 12,997,557 11,025,080 ----------- ---------- ---------- ----------- ---------- ---------- Daniel Stewart Securities plc Consolidated cash flow For the six months ended 30 September2006 Six months ended Year ended 31 Six months ended 30 30 September 2006 March 2006 September 2005 Operating activities Pre tax (loss) / (991,748) 5,075,012 2,196,568profit fromconsolidated companies Tax paid - 213,735) -Amortisation 135,677 231,899 74,717and depreciation ----------- ---------- ---------- (856,071) 5.093,176 2,271,285 Movements in working capital Increase in recievables (633) (1,884,805) (1,272,539) Decrease / (increase) in payables (251,621) 768,881 325,590 Increase in 556,674 (1,762,298) (1,541,992)Financial assets held for trading ----------- ---------- ---------- Operating (551,651) 2,214,954 (728,538)cash flow ----------- ---------- ---------- Investing activities Expenditure (214,805) (454,188) (354,657)on tangiblefixed assetsAcquisition (52,308) - -of fixed assetinvestments ----------- ---------- ---------- Cash flow from (267,113) (454,188) (354,657)investing activities ----------- ---------- ---------- Financing activities Loans made (934,214) (2,268,165) (942,340)to third parties Loans received 148,749 640,497 389,413Issue of 194,510 968,625 908,125Share capital ----------- ---------- ---------- Cash flow from (590,955) (659,043) 355,198financing activities ----------- ---------- ---------- Cash and cash 4,101,880 3,000,157 3,000,157equivalents at start of period Cash and cash 2,692,161 4,101,880 2,783,042equivalents at end of a period ----------- ---------- ---------- (Decrease) / increase (1,409,719) 1,101,723 (217,115)in cash and cashequivalents ----------- ---------- ---------- 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 un-audited financial information for the six months ended 30 September 2005has been prepared in accordance with international accounting standards. Earning per share is based upon profits before amortisation of goodwill. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Daniel Stewart Securities Plc