Collins Stewart hikes dividend

City A.M. Reporter
Broker and financial services group Collins Stewart raised its final dividend for the first time in four years as it posted a three per cent rise in full-year profits.

Collins Stewart reported a pre-tax profit of £19m for the year to 31 December, up from £18.4m the previous year, reflecting growth in all its main businesses.

The company also proposed raising its final dividend by 31 per cent to 1.7 pence the first time it had increased the dividend since 2007.

"Against the backdrop of a challenging external environment, we have reported a strong set of results with growth in revenue and profits," Chief Executive Mark Brown said in a statement.

"They represent the rewards of two years of hard work and although the turnaround programme that started in late 2008 is far from complete, our business is now well positioned and has considerable momentum for continued growth," he added.