Daniel Stewart hit by revenues slump

DANIEL Stewart, the corporate advisory and institutional stockbroking firm, saw its pre-tax full-year losses widen to &pound;2.65m from last year&rsquo;s &pound;2m, as revenues tumbled amid the financial crisis.<br /><br />Revenues slumped by nearly 48 per cent to &pound;4.3m, compared to &pound;8.4m in 2008, despite a rise in client numbers.<br /><br />But chief executive Peter Shea said that the company was well positioned for recovery after a significant cost-cutting exercise.<br /><br />&ldquo;We now have a good grip on costs and we are recruiting good people, so we think our product will be more attractive,&rdquo; he said.<br /><br />Daniel Stewart also said it had taken on Arbuthnot Securities to replace Astaire Securities as its nominated adviser.