Company news: British stockbroker Collins Stewart plc turns to profit

The Chairman in his statement, made particular reference to each division, Wealth Management, Securities, Corporate Broking and Corporate Advisory (Hawkpoint) which all turned a profit this time round.

Securities, in a loss of 20.1 million this time last year, turned around to a £4.5 million gain reflecting higher revenues in specialised desks; Investment companies, Preference Shares and Australian Equities.

A highlight of the Investment companies specialised desk was the £80m Placed and Open Offering of HSBC Investment Company Ltd, an investment fund set up to finance Public-Private Initiatives (PPI's).

Meanwhile, Corporate Broking, the other main division to turn around focused on mid and small-cap companies whilst extensive staff overhauls made a return to profit for full year.

The other divisions, Corporate Advisory and Wealth Management continued to make profits, albeit lower than 2008.

Corporate Advisory (Hawkpoint) went down from 7.2 million to 4.7m, whilst Wealth Management reduced a little to 10.1m (2008: 13.5m).

Tougher market conditions were blamed for lower profits at Hawkpoint, whilst pressures on Securities business meant like-for-like overall revenues at the group were down, offset by new business activities which were actually responsible for swinging the group to profit.

Terry Smith, Chairman of the group will be stepping down on 1 April, handing over reins to Tim Ingram, former CEO of Caledonia Investments plc.

Shares in the British stockbroker fell 3.61 pct by 10:44 am.