Daniel Stewart out of red after buying Mena-RL

DANIEL Stewart Securities returned to profit in the first six months of the year following its acquisition of Dubai based financial adviser Mena-RL in May, it said yesterday

Pre-tax profit rose to £190,572, or 4p per share, for the first six months to 30 September compared with a loss of £699,000 for the same period a year earlier.

Net assets also rose to £5.7m compared with £4.1m a year earlier, while revenues grew to £3m – up £1m year-on-year.

Peter Shea, group chief executive, said the acquisition of Mena-RL had led to a substantial increase in international business, particularly from Asia. The opening of a new office in Kuala Lumpur had also resulted in a number of new clients and several new institutional investors.

And the company launched a retail stockbroking division, which had successfully opened in excess of 450 accounts and now had assets under management of over £65m.

Mena-RL is headed by Adam Wilson, who pulled out of taking up the role of chief executive of Daniel Stewart at the last minute earlier this year. Wilson previously sold Hichens Harrison to India’s Religare Enterprises for £55m in 2008.