Shore Capital posts 92 per cent jump in profit during 30th year in business
Stockbrokers Shore Capital announced a 92.4 per cent increase in interim pre-tax profit in their 30th year of doing business, up from £5m in the first half of 2014 to £9.5m.
The company saw revenues increase by 15.1 per cent, to £25.9m and earnings per share up 67.7 per cent, to 20.8p. Boosted by the sale of DBD's stake in national radio spectrum licences in Germany, the board announced it intended to return £10m to shareholders.
Chairman Howard Shore put the company’s performance down to their diverse business operations, which allowed the group to operate in different cycles.
He said there was an “expected slowdown in the capital markets business ahead of the UK General Election,” but “record asset management inflows for private clients” and the DBD sales helped boost revenues.
Shore Capital also secured its first FTSE 100 client, supermarket chain WM Morrisons, and completed Aim’s largest IPO of the year, raising €92m (£68m) for Applegreen.