30th Dec 2015 14:56
For immediate release: 30 December 2015
Daniel Stewart Securities plc
("Daniel Stewart" or "the Company")
Unaudited Interim Results for the period ended 30 September 2015
Daniel Stewart Securities plc (AIM:DAN), the investment bank providing corporate advisory, institutional stockbroking and wealth management services, announces unaudited Interim Results for the period ended 30 September 2015.
As previously announced the Company's shares remain suspended from trading on the AIM market pending completion of the final audit for the financial year ended 31 March 2015. Additionally, the Company announced on 21 December 2015 that Beaumont Cornish Limited has resigned as the Company's Nominated Adviser ("Nomad").
As the Company's shares remain suspended from trading on AIM and in accordance with AIM Rule 1, if the Company fails to appoint a replacement Nomad within one month of the date of the Nomad's resignation, admission of the Company's shares to trading on AIM will be cancelled. If no replacement Nomad can be found within the given timeframe, the Board will explore options to either join another market, and/or to put in place a matched bargain facility to enable Shareholders to trade.
Unaudited Consolidated Statement of Comprehensive Income
Six months ended 30 September 2015
Six months ended | Year ended | Six months ended | ||||||
Continuing operations | 30 September 2015 | 31 March 2015 | 30 September 2014 | |||||
£ | £ | £ | ||||||
Revenue - Corporate finance activities | 976,831 | 3,831,813 | 2,287,327
|
| ||||
Revenue - Share trading | 131,205 | 89,154 | 90,439 | |||||
1,108,036 | 3,920,967 | 2,377,766 | ||||||
Cost of sales | (788,105) | (2442,408) | (1,328,546) | |||||
Gross profit | 319,931 | 1,478,559 | 1,049,220 | |||||
Administrative costs | (1,201,032) | (2,878,235) | (923,032) | |||||
Impairment of Goodwill | - | - | (87,500) | |||||
Operating profit / (loss) | (881,101) | (1,399,676) | 38,688 | |||||
Net finance costs | 1,222 | 20,469 | (7,410) | |||||
Profit/(Loss) before taxation | (879,879) | (1,399,676) | 31,278 | |||||
Taxation | - | - | ||||||
Profit/(Loss) and total comprehensive expense for the year | (879,879) | (1,399,676) | 31,278 | |||||
Earnings per share | ||||||||
Basic and diluted | (0.10)p | (0.19)p | 0.006p | |||||
Unaudited Consolidated Statement of Financial Position
As at 30 September 2015
30 September 2015 | 31 March 2015 | 30 September 2014 | |
£ | £ | £ | |
Non current assets | |||
Goodwill | 1,410,535 | 1,410,535 | 1,322,955 |
Financial assets at fair value through profit or loss | - | - | |
Property, plant and equipment | 312,183 | 61,023 | 71,461 |
Loans receivable | 473,450 | 247,867 | 400,548 |
2,196,168 | 1,719,425 | 1,794,964 | |
Current assets | |||
Financial assets at fair value through profit or loss | 56,912 | 12,249 | 1,997 |
Trade and other receivables | 1,186,691 | 706,518 | 1,497,888 |
Cash and cash equivalents | 367,278 | 624,005 | 501,339 |
1,610,881 | 1,342,772 | 2,001,224 | |
Total assets | 3,807,049 | 3,062,197 | 3,796,188 |
Current liabilities | |||
Trade and other payables | (1,223,065) | (1,148,335) | (2,120,506) |
Corporation tax | - | - | - |
(1,223,065) | (1,148,335) | (2,120,506) | |
Net assets | 2,583,982 | 1,913,862 | 1,675,682 |
Equity Capital and reserves attributable to equity shareholders : | |||
Share capital | 2,330,056 | 1,756,129 | 1,299,756 |
Share premium | 11,190,024 | 9,788,951 | 9,570,342 |
Accumulated losses | (18,257,937) | (17,378,059) | (18,567,946) |
Capital redemption reserve | 49,998 | 49,998 | 49,998 |
Capital reserve | 8,524,435 | 8,524,435 | 11,166,914 |
Share compensation reserve | 420,723 | 420,723 | 403,135 |
350,000 | 775,000 | - | |
Employee benefit trust reserve | (2,023,315) | (2,023,315) | (2,246,517) |
2,583,984 | 1,913,862 | 1,675,682 | |
Unaudited Consolidated Statement of Cash Flows
Six months to 30 September 2014 | Year ended 31 March 2014 | Six months to 30 September 2013 | |
Operating activities | £
| £ | £ |
Operating (loss) / profit | (881,101) | (1,399,676) | 38,688 |
Provision for depreciation of non-current assets | 7,943 | 23.206 | 11,940 |
Share Based payment | 17,588 | ||
Loss from disposal of non-current assets | 1,007 | - | |
Bad debt write off | 498,085 | ||
Provision for impairment of goodwill | - | 87,500 | |
(873,158) | (859,790) | 138,128 | |
Movement in working capital | |||
Decrease / increase in receivables | (130,173) | 31,691 | (141,387) |
(Decrease) / increase in payables | 74,730 | (303,181) | (43,041) |
Decrease in financial assets | (44,663) | 308,398 | 318,650 |
(100,106) | 36,908 | 134,222 | |
Operating cash flow | (973,264) | (822,882) | 272,350 |
Investing activities | |||
Expenditure on tangible non-current assets | (259,103) | (10,681) | 8,846 |
Lease deposit paid | (225,583) | - | |
Interest received | 1,222 | 20,469 | 1,874 |
Cash flow from investing activities | (483,463) | 9,788 | 10,720 |
Financing | |||
Equity | 1,200,000 | 434,000 | - |
Loans repaid | - | 548 | - |
Non-redeemable convertible bond | - | 775,000 | |
Interest paid | - | (9,284) | |
Cash flow from financing activities | 1,200,000 | 1,209,548 | (9,284) |
Cash and cash equivalents at 1 April | 624,005 | 227,551 | 227,553 |
Cash and cash equivalents at 30 September | 367,278 | 624,005 | 501,339 |
Increase/ (Decrease) in cash and cash equivalents | (256,727) | 396,454 | 273,786 |
Enquiries:
DANIEL STEWART SECURITIES PLC
Tel: 020 7776 6550
Peter Shea
Daniel Stewart Securities is an AIM-quoted company providing a range of investment banking services to Small and Mid-Cap publicly traded and non-publicly traded companies. The Group has two trading subsidiaries, Daniel Stewart & Company plc, the Group's principal operating subsidiary, which is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange, and Daniel Stewart Leasing Limited, the Group's leasing and debt financing division.
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