Acquisitive investment group Corporate Synergy is renaming itself Blue Oar after lifting annual revenues from �7.2 million to �16.6 million.

AIM-quoted Corporate, whose new name reflects the university rowing triumphs of incoming chief executive Andrew Monk, owes �4.7 million of last year’s revenues to a ten-month contribution from Bristol-based stockbroker Rowan Dartington, which the company bought for �13.4 million in early 2006. This acquisition helped take ‘underlying’ profits from �1.2 million to �34.1 million, but pre-tax profits (after share-based payments, goodwill amortisation and branch acquisition costs but before tax credits) fell from �1.1 million to �779,000.

Finance director Christopher Roberts says Rowan Dartington has brought a significant private client and asset management operation to Corporate Synergy’s predominantly institutional business, thus making the overall mix less ‘lumpy’, despite useful corporate retainers of �2.5 million. The company has expanded overseas with the establishment of Sydney-based Corporate Synergy Asia Pacific and the acquisition of corporate advisory house Inteq, also based in that city.

Next week, Monk, former co-head of Oriel Securities, takes over as chief executive from Edward Vandyk after paying �1 million for a three per cent-plus stake in Corporate Synergy. Despite all these changes, chairman Oliver Vaughan concedes that ‘the group remains reliant on the fortunes of global stockmarkets’, but stresses ‘we remain confident in delivering enhanced shareholder value over the medium term’.

At 23p, up 0.5p this morning, the shares, which had trebled to 35.25p from mid-2004 to February last year, value the company at �35.8 million and could be a lively market.

Corporate Synergy Group	AIM	�37.58m	23.75p	0.00p
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