Smaller company investment bank and broker Daniel Stewart has turned £280,000 first-half losses into £1.2 million pre-tax profits.

The AIM-quoted company lifted revenues £200,000 to £5.4 million in the six months to September, having lost an exceptionals-swollen £5.4 million in the year to March on £7.5 million of revenues. Earnings came out at 51p a share and cash and 'cash equivalents' stood at £8.7 million at the end of September, £1.2 million more than at the end of March.

Chief executive Peter Shea says Daniel Stewart raised £106 million for corporate clients in the first half-year. The company completed 20 transactions, including five new flotations, retained 40 brokerships, and increased the average market value of its corporate clients from £24 million to more than £30 million.

Arguing the first-half results demonstrate a 'sterling performance' during a tough market period, Shea says Daniel Stewart has made a 'solid start' to the second half-year. The company has won a number of new mandates, including several proposed flotations, and has become nominated adviser and broker to three new clients, bringing the total won this year to 13.

Shea enthuses, 'We are confident this trend will continue and look forward to... a very positive year end.’ The shares, which advanced from a 7.25p low at the end of 2004 to 29p in April last year, now trade at 13.25p, up 2.25p today, valuing the company at £28.5 million.

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Daniel Stewart Securities	AIM	£4.42m	1.88p	0.00p
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