Daniel Stewart turns a profit

Stockbroker Daniel Stewart had a decent second half to its financial year, turning a half-year loss into a full-year profit.

Overall trading conditions in the UK small and mid-cap markets remain challenging, however, and the brokerage industry has experienced a period of consolidation as firms look to cut their coats according to their cloth.

Notwithstanding the above, the broker said that it handled 21 fund-raising exercises for corporate clients in the year to March 31st.

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The group said its Wealth Management business has continued to perform well, with new clients added to the customer base throughout the year.

"The directors are pleased with this performance, and approach the next financial year with renewed optimism," the group's pre-close statement said.

JH