Collins Stewart moves into profit

Stockbroker Collins Stewart returned to profit in 2009 despite tough markets after progress at all of its units. "We expect markets to remain difficult for the foreseeable future but the business is in better shape than for some time," the group said in a statement. Pre-tax profit came in at £18.4m compared to a pre-tax loss of £15.2m the year before. Revenue increased to £186.4m for the year ended 31 December 2009 from £175.7m previously. "The business returned to profitability and performance improved further in the second half of 2009. The Wealth Management division has been resilient throughout the year and is winning funds and growing organically," Collins Stewart announced. The group also announced it has completed an acquisition in the Channel Islands, Corazon Capital, to beef up its wealth management arm. Chairman Terry Smith makes way for Tim Ingram on 1 April, but will remain on the board as deputy chairman.The final dividend has been maintained at 1.3p per share.