Collins Stewart profit up
BROKER and financial services group Collins Stewart said market uncertainty made it cautious on the outlook after its wealth management and corporate finance units contributed to higher interim profits.
Pre-tax profit for the six months to 30 June rose 6.6 pervcent from last year to £6.5m, while operating profit rose 20 per cent to £7.3m.
However, the company said the current market uncertainty meant it would continue to view the outlook with caution. It maintained its interim dividend at 1.3 pence.
Last week, rival brokerage Close Brothers said it was confident of having a solid performance for 2010 but added there was margin pressure on its Winterflood securities arm.
Collins Stewart shares closed up two per cent at 75 pence on Wednesday, giving the group a market capitalisation of around £186m.