London-based stockbroker Collins Stewart Tullet reported an almost doubling of its revenues in the first half, although profit figures were ...

London-based stockbroker Collins Stewart Tullet reported an almost doubling of its revenues in the first half, although profit figures were not as strong. Revenue rose to £410.7 million ($738.6 million) in the first six months of 2005. Profit before tax came in at £39.9 million, down from the £44.2 million achieved a year ago. Chairman Keith Hamill said, “Trading conditions remain generally satisfactory in all the company's main markets and the board has a positive view of the outcome for the year.” The group’s private clients business increased funds under management by 10 per cent in the first six months to £2.75 billion, with discretionary funds comprising £2 billion. Most of this increase occurred in the second quarter, and the corresponding earnings uplift had not filtered through at 30 June, said the group in its interim statement. The group also said that it is expected to wrap up its takeover talks, which have been ongoing since August. “The board believes that this process should be completed by the latter part of October and does not anticipate making a further statement before then,” said Collins Stewart.