Merchant Securities, the financial services group which earlier this year acquired IFA Cavendish Young, has reported an underlying profit before tax of £289,471 for the six months to 30 September, compared to a loss of £581,575 during the same period last year.
The September acquisition helped to boost the group's funds under management by £46m to £152m and increased its private client base by 2,500. Gross revenue was £3.3m, up 37% from £2.4m for the corresponding period last year.
John Green, chairman, says the company remains keen to acquire businesses which align with its core activities.
"We look to continue to build our institutional and private client businesses, while there are signs of more activity in our corporate finance area," he says.
The company, which has rebranded as Merchant John East Securities, specialises in institutional sales, research and trading, private client broking and investment management, corporate finance and corporate broking.
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