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:

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 4400
William 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.


Daniel Stewart Securities plc

Consolidated profit and loss account

For the six months ended 30 September 2008

 

	Six months ended	Year ended 31	Six months ended
	30 September 2008	March 2008	30 September 2007
Revenue	2,607,247	8,369,690	5,448,874
Cost of sales	(112,957)	(501,604)	(142,627)
Gross profit	2,494,290	7,868,086	5,306,247
Risk Portfolio price movement	(408,560)	(1,432,351)	(249,265)
Contribution to fixed costs	2,085,730	6,435,735	5,056,982
Administration costs	(3,144,155)	(6,919,329)	(3,455,134)
Share based payments	(243,972)	(461,775)	(525,119)
Bonus payments	-	(1,018,407)	-
Result from operating activities	(1,302,397)	(1,963,776)	1,076,729
Interest	97,325	486,482	152,895
Exceptional	-	(527,777)	-
(Loss) / profit before taxation	(1,205,072)	(2,005,071)	1,229,624
Taxation	-	-	(125,000)
Net (loss) / profit for the period	(1,205,072)	(2,005,071)	1,104,624
Dividend	-	-	-
Retained (loss) / profit	(1,205,072)	(2,005,071)	1,104,624
Earnings per share – pence	(0.48)p	(0.93)p	0.51

 

Daniel Stewart Securities plc


Consolidated balance sheet

As at 30 September 2008

 

	30 September 2008	31 March 2008	30 September 2007
Non current assets
Property plant and equipment	263,421	334,014	349,256
Goodwill	1,731,532	1,731,532	1,731,532
Available for sale investments	389,364	389,364	389,364
Loans receivable	1,028,689	1,201,013	1,928,689
Deferred taxation	81,000	81,000	81,000
	3,494,006	3,736,923	4,479,841
Current assets
Financial assets	207,295	786,373	2,642,053
Trade and other receivables	3,351,325	3,054,852	3,122,039
Corporation tax	-	-	223,498
Cash and cash equivalents	2,646,133	2,687,565	2,768,128
	6,204,753	6,528,790	8,755,718
Total assets	9,698,759	10,265,713	13,235,559
Liabilities
Trade and other payables	3,863,797	4,003,882	2,681,426
Non current liabilities	450,000	538,519	1,200,000
Total Liabilities	4,313,797	4,542,401	3,881,426
Net assets	5,384,962	5,723,312	9,354,133
Issued share capital	588,279	538,459	538,318
Profit and loss account	(8,527,068)	(7,321,996)	(4,262,264)
Share premium account	4,871,200	4,298,270	4,294,412
Other reserves	8,452,551	8,208,579	8,783,667
Equity shareholders funds	5,384,962	5,723,312	9,354,133

 

Daniel Stewart Securities plc


Consolidated cash flow

For the six months ended 30 September 2008

	Six months	Year ended 31	Six months
	ended 30	March 2008	ended 30
	September 2008		September 2007
Operating activities
Pre tax (loss) / profit from consolidated companies	(1,302,397)	(1,963,766)	1,076,729
Tax paid	-	280,498	-
Provision for impairment of fixed assets	107,029	191.843	85,160
Exceptional items	-	(527,777)	-
Share based payments	(243,972)	-	525,119
	(1,439,340)	(2,019,212)	1,687,008
Movements in working capital
Increase in receivables	(521,153)	(539,582)	(469,252)
(Decrease) / increase in payables	(678,308)	581,901	(433,315)
Decrease / (increase) in financial assets held for trading	579,078	583,371	(1,272,309)
Operating cash flow	(1,017,417)	(1,393,522)	(487,868)
Investing activities
Expenditure on tangible fixed assets	(50,106)	(202,431)	(70,824)
Fixed asset disposals	-	40,166	-
	(50,106)	(162,265)	(70,824)
Cash flow from investing activities
Financing activities
Loans recovered from third parties	496,287	1,523,500	550,376
Loans received	(190,271)	(390,178)	-
Issue of share capital	622,750	-	-
Net interest receivable	97,325	486,481	152,895
Cash flow from financing activities	1,026,091	1,619,803	703,271
Cash and cash equivalents at start of period	2,687,565	2,623,549	2,623,549
Cash and cash equivalents at end of period	2,646,133	2,687,565	2,768,128
(Decrease) / increase in cash and cash equivalents	(41,432)	64,016	144,579

 

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.