Collins Stewart H1 profit up; says demerger likely to be completed by year-end |
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Mon, 18 Sep 2006 09:50
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LONDON - The brokerage firm Collins Stewart Tullett PLC has announced that the planned demerger of the stockbroking business and the inter-dealer unit was on track and likely to be completed by the year-end. The company also announced that its first half profits nearly doubled at 68.5 million pounds ($129 million), or 31.9 pence a share, in the six months ending June 30.
The company's statement said that the figure was up from 26.1 million pounds, or 12.2 pence reported at the same time last year. The revenues during the period increased 9.8 percent to 452.1 million pounds. Revenue from the stockbroking business increased 43 percent to 104.1 million pounds, while the inter-dealer unit showed an increase of 2.7 percent to 348 million pounds, the company added.
“The current outlook for both of our businesses is positive although equity market conditions for the second half of the year are unlikely to be as strong as they were in the first half,” said Collins Stewart Chairman Keith Hamill. The statement added that after the demerger, both companies would be separately listed as Tullett Prebon and Collins Stewart.
“The Tullett Prebon business has continued to perform in line with our expectations since the half year and, given the current geopolitical uncertainties, continued volatility in most markets seems likely to continue,” it confirmed.
The company announced a 67 percent hike in interim dividend to 5 pence a share.
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Collins Stewart Tullett to demerge broking unit 