Merchant Securities, the UK financial services group providing services including private client broking, said today that it logged a pre-tax profit of £123,000 (around $201,200) in the six months to 30 September, contrasting with a loss of £1.35 million a year ago.

Gross revenues were £3.3 million, against £2.4 million for the corresponding period in 2008, a gain of 37 per cent.

The firm has £2.2 million of net cash on its balance sheet, Merchant Securities said in a statement. Advisory and discretionary funds under management increased 70 per cent in the latest reporting period from the same period a year ago to £152 million.