Broker Collins Stewart first half pretax down 82 pct
Stockbroker Collins Stewart posted an 82 percent fall in pretax profit for the first half, due to difficult markets, and said it expects weak market conditions to continue into 2009.
First Great Western to invest £29 mln in service improvementsThe London-based broker, which sources familiar with the matter said last week was in talks with Japan's top securities firm Nomura Holdings on a possible buyout, operates in stockbroking, capital raising, corporate advisory and wealth management.
"Market conditions are obviously challenging and have adversely affected the capital markets division. However, Collins Stewart has three other business in Hawkpoint, securities and wealth management which are still operating profitably," said Chairman Terry Smith.
The firm, which said last week it had received a preliminary bid approach but did not say who from, generated 9.6 million pounds in pretax profit in the six months ended June, down from 52 million pounds a year ago.
Operating profit fell 85 percent to 7.1 million pounds, while earnings per share before non-recurring and exceptional items dropped 58 percent to 5.2 pence.
(Reporting by Daisy Ku; Editing by David Holmes)
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