CLST.L Share News (CLST)

Stockbroker Collins Stewart has started hiring senior executives again despite a sharp fall in interim profits and a short-term outlook it describes as 'uncertain'.Profit in the half year to June fell to £6.1m from £9.3m. Cost cutting and restructuring helped to offset the worst of the financial downturn.Revenues over the half-year rose to £95.3m from £89.2m this time last year with a 27% improvement in revenues in the second quarter over the first three months. 'Action taken late last year to refocus Collins Stewart on its core strengths and reduce its cost base has had a positive impact in the first half of 2009,' chairman Terry Smith said.'The outlook remains uncertain and we will continue to take a cautious approach to managing the business with an emphasis on financial strength,' he added.The group said it has also made a number of senior hires across Securities, Corporate Broking and at corporate finance boutique Hawkpoint, to enable it to advantage of opportunities arising from the current market dislocation.The interim dividend is unchanged at 1.3p.