Shares in Collins Stewart were down on the FTSE All Share after the financial advisory company reported a rise in pre-tax profit in the full year ended 31 December 2010.

Group revenue rose 16 per cent in the period to £215.7 million while pre-tax profit increased three per cent to £19 million.

Following the results the group said it would be proposing a final dividend of 1.7 pence per share, up 31 per cent from the previous year and the first rise since 2007.

The group is currently looking to change its name to "Collins Stewart Hawkpoint plc".

Mark Brown, Chief Executive of Collins Stewart, said, "Against the backdrop of a challenging external environment, we have reported a strong set of results with growth in revenue and profits. They represent the rewards of two years of hard work and although the turnaround programme that started in late 2008 is far from complete, our business is now well positioned and has considerable momentum for continued growth."

By 14:10 shares in Collins Stewart were down 2.57 per cent on the FTSE All Share to 85.25 pence per share.