Alexander David bucks small cap recession woes

SMALL cap broker Alexander David said yesterday turnover at its trading subsidiary Alexander David Securities doubled on a like-for-like basis over the first four months of the year, shrugging off the effects of the recession.<br /><br />In addition, the group announced plans to raise &pound;668,000 via a placing of 66.8m new shares. An estimated 21m shares have already been issued and are scheduled for admission to trading on Aim on 1 June, while the remainder are subject to shareholder approval at a general meeting expected to be held on 19 June.<br /><br />&ldquo;Trading in the first four months of the year has been significantly stronger than the corresponding period for 2008 and we are delighted that we have raised additional funds at this time,&rdquo; said chief executive David Scott.<br /><br />Alexander David said it intends to expand the business further over the coming months, including adding new clients and hiring staff to facilitate an application for the firm to become a nominated adviser (Nomad) on Aim. It added that it was looking at other possible bolt-on acquisition opportunities to expand its securities business. The group appointed four new clients over the period, taking its tally to 13.&nbsp;