Collins Stewart posts lower net profit, cuts dividend

LONDON (MarketWatch) -- Investment banking group Collins Stewart said Tuesday that its net profit fell to 7.2 million pounds in the six months to June 30, from 37.8 million pounds a year ago, after revenue dropped to 89.2 million pounds, from 129.3 million pounds. Collins Stewart also cut its dividend to 1.3 pence, from last year's 2.5 pence. "Market conditions are obviously challenging and have adversely affected the capital markets division," said Chairman Terry Smith. Difficult market conditions are expected to continue at least... [read full story]