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Daniel Stewart sees another loss this year

Daniel Stewart sees another loss this year

Daniel Stewart (LON:DAN), the broking business Quindell (LON:QPP) founder Rob Terry bought into recently, told investors it would report another loss this year.

The stockbroker has had a tough time lately and saw its shares suspended from AIM in October for five months.

This was due to a shortfall in its regulatory capital position, which forced the company to give up its nominated adviser business in an attempt to cut costs and narrow its focus.

Today, chairman Peter Shea said resolving capital issues had cost it £150,000 and the episode has led to clients delaying business.

As a result, he anticipates a pre-tax loss of £850,000 for the year ended 31 March 2015, which is lower than the £1.46mln loss in its previous financial year.

"Although it is always disappointing to report a loss, albeit an improved position from the previous year, we now have our regulatory capital issues firmly behind us and a more focused overhead,” said Shea.

He added that despite difficult trading conditions, the business has won six new clients in the last seven weeks and is engaged on a number of fundraisings, including two initial public offerings.

Rob Terry, the founder and former executive chairman of Quindell – which was floated by Daniel Stewart - bought a 7.4% stake in the broker last month after quitting Quindell December.

Shares in Daniel Stewart were priced at a penny in early afternoon deals.


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