Hitchens, Harrison, the boutique London-based stockbroker, released a rise in operational profits, after recording a loss for much of 2004. ...

Hitchens, Harrison, the boutique London-based stockbroker, released a rise in operational profits, after recording a loss for much of 2004. The AIM listed firm reported a pre-tax profit before exceptionals for 2005 of £1.2 million ($2 million). This compares with a loss of £391,000 for the eight months to the end of 2004. Nevertheless, due to the cost of last May’s flotation on AIM and other charges the firm made a net loss of £2.1 million. Private client funds rose from £80 million to £170 million in 2005. Hitchens said the first quarter of 2005 has seen strong growth as a result of the investment made in 2005 in the setting up of international offices. The firm has opened new offices in Asia, Africa and South America. Earlier this year, Hichens was close to being acquired London-based boutique stockbroker Astaire & Partners, but the deal fell through at the last moment.