Daniel Stewart rubbishes cash call talk

22nd Jul 2010 09:38

Stockbroker Daniel Stewart has dismissed rumours that it is looking to raise more money."Daniel Stewart would like to clarify that contrary to press speculation the company is not trying to raise new funds," read a statement Thursday.It recently strengthened the balance sheet with a £1.5m cash injection from AIM-listed investment company Brainspark, which had already pumped £0.5m into the business in March.In February, the group raked in £0.5m from a placing of 25m shares at 2p each with a new institutional investor, which will own 7.4% of the business. Another fundraising with employees boosted the cash pile by an extra £0.6m."The company continues to focus on international expansion which, as previously stated, helped underpin a turnaround during the first quarter of the current period - with both April and May expected to be profitable," it added today.