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24 Oct 2008 07:00
24 OCTOBER 2008
DANIEL STEWART SECURITIES PLC
(AIM: DAN.L)
INTERIM RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2008
The Board of Daniel Stewart Securities plc ("Daniel Stewart" or "the Company") is pleased to announce its financial results for the six months to 30 September 2008.
FINANCIAL HIGHLIGHTS:
Revenues £2.6 million as against £5.4 million for the same period last year;
Net loss before tax and share based payments: £961,000;
Net assets £5.3 million;
Cash £2.6 million against £2.7 million at the same point last year;
Adjusted EPS: (0.48)p - 0.51p for the same period last year.
OPERATIONAL HIGHLIGHTS:
£15 million raised for our corporate clients during the period (against £106 million for the first six months last year);
46 retained brokerships (vs. 40 at same time last year); and
12 transactions completed in the period; three secondary placings and nine corporate finance transactions.
Commenting on the results for the six months Peter Shea, Group Chief Executive, said, "As a result of the unprecedented difficulties in the global financial sector and the resulting general economic climate our markets were depressed throughout the first half with little sign of a return in confidence for the second half. We took action before year end to reduce our cost base to a sustainable level and are beginning to see the benefits of these actions in a reduced cash burn. We remain positive in our belief that the business is robust and able to weather a sustained downturn. Since the end of the 1st half we have added a further seven brokerships to take our tally to 53."
CURRENT TRADING:
Peter Shea, Group Chief Executive, said "Market conditions have been difficult throughout the period with limited IPO activity. Since the end of the first half, however, we have added a further seven brokerships to take our total to 53. Our success in adding new corporate clients provides further evidence that our research lead model is the correct strategy. We have completed twelve transactions including the introduction of San Leon Energy PLC on to AIM and our order book, while depleted, still contains a number of quality potential transactions, including two further introductions which we expect to complete before year end."
--ENDS--
Enquiries:
DANIEL STEWART SECURITIES PLC Tel: 020 7776 6550
Peter Shea
Tom Jenkins
BISHOPSGATE COMMUNICATIONS LIMITED Tel: 020 7562 3350
Maxine Barnes
Nick Rome
danielstewart@bishopsgatecommunications.com
BLUE OAR SECURITIES PLC Tel: 020 7448 4400William Vandyk
Notes to Editors:
About Daniel Stewart
Daniel Stewart Securities is an AIM-listed company providing a range of investment banking services to Small Cap publicly traded and non-publicly traded companies. The Group has two subsidiaries, Daniel Stewart and Company, 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 Capital, the Group's leasing and debt financing division.
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Daniel Stewart Securities plc |
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Consolidated profit and loss account |
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For the six months ended 30 September 2008 |
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Six months ended 30 September 2008 |
Year ended 31 March 2008 |
Six months ended 30 September 2007 |
|||||||
|
Revenue |
2,607,247 |
8,369,690 |
5,448,874 |
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|
Cost of sales |
(112,957) |
(501,604) |
(142,627) |
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Gross profit |
2,494,290 |
7,868,086 |
5,306,247 |
||||||
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Risk Portfolio price movement |
(408,560) |
(1,432,351) |
(249,265) |
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Contribution to fixed costs |
2,085,730 |
6,435,735 |
5,056,982 |
||||||
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Administration costs |
(3,144,155) |
(6,919,329) |
(3,455,134) |
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Share based payments |
(243,972) |
(461,775) |
(525,119) |
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Bonus payments |
- |
(1,018,407) |
- |
||||||
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Result from operating activities |
(1,302,397) |
(1,963,776) |
1,076,729 |
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Interest |
97,325 |
486,482 |
152,895 |
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Exceptional |
- |
(527,777) |
- |
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(Loss) / profit before taxation |
(1,205,072) |
(2,005,071) |
1,229,624 |
||||||
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Taxation |
- |
- |
(125,000) |
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Net (loss) / profit for the period |
(1,205,072) |
(2,005,071) |
1,104,624 |
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Dividend |
- |
- |
- |
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Retained (loss) / profit |
(1,205,072) |
(2,005,071) |
1,104,624 |
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Earnings per share - pence |
(0.48)p |
(0.93)p |
0.51 |
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Daniel Stewart Securities plc |
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Consolidated balance sheet |
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As at 30 September 2008 |
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30 September 2008 |
31 March 2008 |
30 September 2007 |
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Non current assets |
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Property plant and equipment |
263,421 |
334,014 |
349,256 |
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Goodwill |
1,731,532 |
1,731,532 |
1,731,532 |
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Available for sale investments |
389,364 |
389,364 |
389,364 |
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Loans receivable |
1,028,689 |
1,201,013 |
1,928,689 |
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Deferred taxation |
81,000 |
81,000 |
81,000 |
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3,494,006 |
3,736,923 |
4,479,841 |
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Current assets |
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Financial assets |
207,295 |
786,373 |
2,642,053 |
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Trade and other receivables |
3,351,325 |
3,054,852 |
3,122,039 |
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Corporation tax |
- |
- |
223,498 |
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Cash and cash equivalents |
2,646,133 |
2,687,565 |
2,768,128 |
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6,204,753 |
6,528,790 |
8,755,718 |
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Total assets |
9,698,759 |
10,265,713 |
13,235,559 |
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Liabilities |
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Trade and other payables |
3,863,797 |
4,003,882 |
2,681,426 |
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Non current liabilities |
450,000 |
538,519 |
1,200,000 |
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Total Liabilities |
4,313,797 |
4,542,401 |
3,881,426 |
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Net assets |
5,384,962 |
5,723,312 |
9,354,133 |
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Issued share capital |
588,279 |
538,459 |
538,318 |
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Profit and loss account |
(8,527,068) |
(7,321,996) |
(4,262,264) |
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Share premium account |
4,871,200 |
4,298,270 |
4,294,412 |
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Other reserves |
8,452,551 |
8,208,579 |
8,783,667 |
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Equity shareholders funds |
5,384,962 |
5,723,312 |
9,354,133 |
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Daniel Stewart Securities plc |
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Consolidated cash flow |
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For the six months ended 30 September 2008 |
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Six months ended 30 September 2008 |
Year ended 31 March 2008 |
Six months ended 30 September 2007 |
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Operating activities |
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Pre tax (loss) / profit from consolidated companies |
(1,302,397) |
(1,963,766) |
1,076,729 |
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Tax paid |
- |
280,498 |
- |
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Provision for impairment of fixed assets |
107,029 |
191.843 |
85,160 |
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Exceptional items |
- |
(527,777) |
- |
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Share based payments |
(243,972) |
- |
525,119 |
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(1,439,340) |
(2,019,212) |
1,687,008 |
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Movements in working capital |
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Increase in receivables |
(521,153) |
(539,582) |
(469,252) |
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(Decrease) / increase in payables |
(678,308) |
581,901 |
(433,315) |
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Decrease / (increase) in financial assets held for trading |
579,078 |
583,371 |
(1,272,309) |
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Operating cash flow |
(1,017,417) |
(1,393,522) |
(487,868) |
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Investing activities |
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Expenditure on tangible fixed assets |
(50,106) |
(202,431) |
(70,824) |
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Fixed asset disposals |
- |
40,166 |
- |
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Cash flow from investing activities |
(50,106) |
(162,265) |
(70,824) |
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Financing activities |
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Loans recovered from third parties |
496,287 |
1,523,500 |
550,376 |
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Loans received |
(190,271) |
(390,178) |
- |
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Issue of share capital |
622,750 |
- |
- |
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Net interest receivable |
97,325 |
486,481 |
152,895 |
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Cash flow from financing activities |
1,026,091 |
1,619,803 |
703,271 |
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Cash and cash equivalents at start of period |
2,687,565 |
2,623,549 |
2,623,549 |
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Cash and cash equivalents at end of period |
2,646,133 |
2,687,565 |
2,768,128 |
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(Decrease) / increase in cash and cash equivalents |
(41,432) |
64,016 |
144,579 |
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The un-audited financial information as reported above does not constitute full statutory financial statements within the meaning of section 240 of the Companies Act 1985.
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