Merchant back to profitability
FINANCIAL services group Merchant Securities saw its business surge back to profitability over the last year, 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 £0.64m profit for the year to
end of March. Revenue increased by 40 per cent to £7.61m, including a seven month contribution to the private client wealth management arm from Cavendish Young.
Chairman John Green said the group will “continue to consider any complementary acquisitions”.