Collins Stewart plc has today issued its Interim Management Statement for the period from 1 January 2010 to date.
The year has started satisfactorily. Total revenues in the first four months of 2010, at £63.6 million, were 12% ahead of the same period a year ago in spite of a fall in the value of the dollar. Revenues for businesses outside the US were 19% ahead.
In the US, dollar revenues were comparable to the same period last year, which is a marked improvement on the 2009 second half run-rate, and the business has made progress this year in line with expectations.
The Wealth Management division, which has the largest investment team in the Channel Islands, has started the year solidly and assets under management at 30 April 2010 were £6.7 billion, up from £5.9 billion at the end of 2009. The integration of Corazon Capital, which was acquired in March, is proceeding well and other wealth management acquisition opportunities are under review.
Hawkpoint – Collins Stewart’s finance advisory arm which advises corporates, financial institutions, private equity houses, governments and quasi-governmental bodies on mergers and acquisitions, capital markets, debt and restructuring – has also had a good start to the year with 12 deals already announced, compared to five at the same stage last year.