| Updated:
Daniel Stewart hit by revenues slump
DANIEL Stewart, the corporate advisory and institutional stockbroking firm, saw its pre-tax full-year losses widen to £2.65m from last year’s £2m, as revenues tumbled amid the financial crisis.
Revenues slumped by nearly 48 per cent to £4.3m, compared to £8.4m in 2008, despite a rise in client numbers.
But chief executive Peter Shea said that the company was well positioned for recovery after a significant cost-cutting exercise.
“We now have a good grip on costs and we are recruiting good people, so we think our product will be more attractive,” he said.
Daniel Stewart also said it had taken on Arbuthnot Securities to replace Astaire Securities as its nominated adviser.