Collins Stewart back in the black

By The Newsroom
Published 18th Mar 2010, 20:16 BST
Updated 18th Mar 2010, 20:26 BST
STOCKBROKER Collins Stewart swung to a full-year profit as bullish markets in the second half boosted revenue across its businesses, and forecast a return to merger and acquisition activity.

The firm said its four units were profitable in the year, including its US business and mergers advisory arm Hawkpoint, which suffered during the first half. "The M&A cycle should be starting to pick up from here," said chief executive Mark Brown.

Meanwhile, chairman Terry Smith will step down on 1 April, handing over to Tim Ingram, who will retire in July as chief executive of Caledonia Investments.