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Half Yearly Report

Released 07:00 24-Dec-2013

RNS Number : 2864W
Daniel Stewart Securities PLC
24 December 2013
 





24 December 2013

 

AIM: DAN.L

 

DANIEL STEWART SECURITIES PLC

("Daniel Stewart" or "the Company")

 

INTERIM RESULTS

FOR THE SIX MONTHS TO 30 SEPTEMBER 2013

The Board of Daniel Stewart, the investment bank offering corporate advisory, institutional stockbroking and wealth management services, announces its unaudited financial results for the six months to 30 September 2013.

 

FINANCIAL AND OPERATIONAL HIGHLIGHTS

Corporate Revenues: £2.1 million (2012: £2.5 million).

Trading realised and unrealised: (£74,000) (2012: £508,000).

Net assets at period end: £2.8 million (£5.9 million at 30 September 2012).

Cash and cash equivalents: £488,000 (£937,000 at 30 September 2012).

Adjusted EPS: (0.20)p per share (2012: (0.20)p per share).

£12 million raised for corporate clients during the period.

33 retained clients and 17 transactions completed.

Number of Private Clients increased to over 800.

 

Overall, we returned numbers similar to 30 September 2012 with the six months to September 2013 showing little progress in market and trading conditions for the business, despite speculation as to an improvement following a general recovery in economic conditions.

 

Our total overhead costs were reduced by approximately £1 million when compared to the half year to 30 September 2012, and we realised approximately £2.5 million during the 12 months to September 2013, from financial assets held, reducing our net asset position to £2.8 million at the half year.

 

During the period we completed 17 transactions, raising approximately £12 million in new equity for our clients.

 

Our private client business continued to show steady progress with client numbers rising to 800.

 

Our participation in the Global Alliance Partnership has assisted our international reach and we have developed relationships with a number of members. We have, as yet, only completed a small number of transactions but we are hopeful that this will increase over time.

 

Our focus on the Far East, in particular Hong Kong and China, has shown some promise principally through a number of local institutional investors who have opened accounts with us and, on whose behalf, we have completed some secondary business.

 

Since the end of the period under review we have seen some slight improvement in overall trading conditions. Both October and November were close to breakeven and December will return a small profit. While there can be no certainty that this trend will continue  we take some comfort from the fact we have an order book which gives us a degree of visibility through January and February 2014,

 

Pleasingly, we have successfully launched our discretionary fund management business and, although still small, we think this will prove valuable in the coming years, as we continue to focus on expanding our wealth management offering.

 

We remain cautiously optimistic for the future and believe that our strategy of building our wealth management business and our international distribution is the right one to deliver shareholder returns over the longer term.

 

 

--ENDS--

 

Enquiries:


Daniel Stewart Securities plc

Peter Shea

Tel: 020 7776 6550



Tavistock Communications

John West

Teresa Towner

Tel: 020 7920 3150



Westhouse Securities

Richard Johnson

Martin Davison

 

Tel: 020 7601 6100

 

Notes to Editors:

 

About Daniel Stewart

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 Services Authority and is a member of the London Stock Exchange, and Daniel Stewart Leasing Limited, the Group's leasing and debt financing division.

 

A copy of this announcement is available at www.danielstewart.co.uk.

 

 

Statement of Comprehensive Income for the six months ended 30 September 2013










30 September 2013

31 March 2013

30 September 2012







Corporate Finance revenue

                   2,106,629

         5,198,772

         2,557,135

Share trading account

                       (74,137)

         (377,303)

            508,438














                   2,032,492

         4,821,469

         3,065,573





Cost of sales

                (1,411,613)

      (4,228,311)

         (100,682)













Contribution to fixed costs

                      620,879

            593,158

         2,964,891







Administrative costs

                (1,312,705)

      (2,992,784)

      (3,532,212)

Impairment of goodwill

                    (178,262)

         (356,525)

-

Retention payments

                    (102,083)

         (314,416)

         (437,190)













Operating (loss) / profit

                (972,172)

      (3,070,568)

      (1,004,511)







Net interest receivable

                        (9,867)

            (67,726)

                 6,080
















                  (982,039)

478,470

(507,754)







Exceptional Items

                                    -  

 -

 -













(Loss) / profitbefore tax

                  (982,039)

      (3,138,294)

         (998,431)







Taxation

-

 -

 -













(Loss) / profit for the period

                  (982,039)

      (3,138,294)

         (998,431)













Earnings per share - pence

(0.20)p

0.09p

(0.20)p













 



 

Consolidated Statement of Financial Position as at 30 September 2013










30 September 2013

31 March 2013

30 September 2012







Non current assets








Goodwill

         2,157,151

         2,335,413

     2,691,938

Financial assets at fair value through profit or loss

            270,229

            283,889

         549,092

Property, plant and equipment

              93,281

              99,199

         111,986

Loans receivable

                        -  

                    548

                    -  














         2,520,661

         2,719,049

     3,353,016













Current assets










Financial assets

            128,465

            540,198

     2,903,635

Trade and other receivables

         1,344,462

         1,872,037

     2,012,760

Cash and Cash equivalents

            487,798

         1,178,943

         937,979














         1,960,725

         3,591,178

     5,854,374













Total assets

         4,481,386

         6,310,227

     9,207,390













Liabilities








Trade and other payables

      (1,669,812)

      (2,516,614)

   (3,270,433)

Corporation tax

 -

 -

 -
















      (1,669,812)

      (2,516,614)

   (3,270,433)













Non current liabilities

                        -  

                        -  

           (3,483)













Total liabilities

      (1,669,812)

      (2,516,614)

   (3,273,916)













Net assets

         2,811,574

         3,793,613

     5,933,474













Equity










Capital and reserves attributable to equity shareholders









Share capital

         1,274,756

         1,274,756

     1,274,756

Share premium

         9,345,342

         9,345,342

     9,345,342

Retained earnings

    (15,572,191)

    (14,590,152)

(12,450,291)

Other reserves

         7,763,667

         7,763,667

     7,763,667









Equity shareholders funds

         2,811,574

         3,793,613

     5,933,474













 



 

Consolidated Statement of Cash Flows for the period 30 September 2013










30 September 2013

31 March 2013

30 September 2012







Operating activities








Operating (loss) / profit

                (972,172)

      (3,070,568)

      (1,004,511)

Provision for impairment of fixed assets

                        11,176

              82,857

              32,785

Profit from disposal of fixed assets

                                   -  

                 (735)

                        -  

Provision for impairment of goodwill

                      178,262

            356,525

                        -  














                   (782,734)

      (2,631,921)

         (971,726)













Movements in working capital










Decrease / (increase) in receivables

                     528,123

            323,681

            182,958

Increase / (decrease)  in payables

                  (846,802)

            699,727

         1,470,652

Decreasse / (increase)  in financial assets

                      425,393

         1,659,739

         (968,904)














                      106,714

         2,683,147

            684,706













Operating cash flow

                   (676,020)

              51,226

         (287,020)













Investing activities








Expenditure on tangible fixed assets

                       (5,258)

            (64,997)


Fixed asset disposals


              28,445


Interest receivable

                          1,383

              19,268

                 6,080













Cash flow from investing activities

                       (3,875)

            (17,284)

                 6,080













Financing










Loans to third parties

                                  -  

            166,825

            167,372

Loans received

                                  -  

                        -  

            (13,623)

Interest payable

                      (11,250)

            (86,994)

 -













Cash flow from financing activities

                      (11,250)

              79,831

            153,749













Cash and cash equivalents at 1 April 2013

                   1,178,943

         1,065,170

         1,065,170

Cash and cash equivalents at 30 September 2013

                     487,798

         1,178,943

            937,979









(Decrease) / increase in cash and cash equivalents

                   (691,145)

            113,773

         (127,191)

  


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Half Yearly Report - RNS