Investment services firm Merchant Securities said yesterday that trading in its first half has been “very encouraging” and that it is on target to beat last year.
Chairman John Green told investors at the company’s annual meeting that the improvement “resulted from our strategy to diversify the business base.”
The group saw its business surge back to profitability when it announced its full year results in July, helped along by improved trading conditions and the acquisition of wealth manager Cavendish Young.
Merchant turned last year’s pre-tax loss of £4.58m into a £640,000 profit. Revenue increased by 40 per cent to £7.61m, including a seven-month contribution to the private client wealth management arm from Cavendish.