Collins Stewart revenues rise

Broker Collins Stewart has increased revenues despite the difficult market conditions. In the four months to the end of October 2010, Collins Stewart increased revenues from £58m to £75m. The run rate of revenues is 17% ahead of the first half of 2010. Collins Stewart won its first FTSE 100 client in the period and specialist trading is offsetting subdued market volumes. The Hawkpoint advisory business has opened a German office, while overall deal activity is increasing, particularly in Singapore. Assets under management have risen from £6.8bn to £7.6bn over the past four months, helped by the integration of two acquisitions. Net cash has improved to £88m.