Preliminary Results for the Year Ended 31 December 2016

Record Capital Markets performance defies year of geopolitical surprises

Shore Capital, the independent investment group specialising in capital markets, principal finance and asset management, today announces its preliminary results for the year ended 31 December 2016.

Financial highlights

  • Revenue up 21% to £39.4 million (2015 Adjusted1: £32.6 million)
  • Capital Markets revenues up 21% to £28.3 million
  • Asset Management revenues up 10% to £10.4 million
  • Profit before tax and impairments of £5.1 million2 (2015 Adjusted1: £4.3 million)
  • Earnings per share before impairments of 13.4p3 (2015 Adjusted1: 12.1p)

1 2015 Adjusted figures exclude the impact of Spectrum licence sales in 2015. (2015 Statutory Revenue: £42.0 million)

2 Statutory profit before tax of £2.4 million (2015: £11.7 million)

3 Statutory earnings per share of 6.0p (2015: 27.1p)

Operational highlights

  • Capital Markets advised on four IPOs, the largest AIM fundraise of 2016 for Sirius Minerals plc and Poundland Group plc’s £600 million takeover by Steinhoff International
  • Won 11 new clients, including Dairy Crest Group plc, Chesnara plc, Stride Gaming plc and Earthport plc
  • Puma Investments again achieved the largest limited life VCT fundraising of the tax year (over half of the total raised in its category)
  • Puma AIM Inheritance Tax Service named Best AIM Investment Manager at 2016’s Growth Investor Awards

Commenting on the results, Howard Shore, Chairman, said:

“Despite the market uncertainty immediately pre-and-post the Brexit vote, and the period leading up to the US Presidential election, I am delighted by the performance of our Capital Markets business and the strong progress made in our Asset Management division.

“We have seen companies wanting to get on with growing their businesses and institutions that want to buy into them. That cannot happen in a vacuum, demonstrating that markets are again open for business, focusing on the fundamentals of the deal, rather than market participants sitting on their hands and worrying about uncertainty.

“Having led the Group’s growth and development for 32 years I am relinquishing my operational responsibilities as Group Chief Executive whilst remaining Chairman to focus on our international investment strategy, including developing new relationships as well as investment opportunities. Simon Fine and David Kaye have worked closely with me for many years and I am delighted that they have agreed to lead the Group’s future development as Joint Chief Executives. Our independence puts us in an ideal place to make the most of the opportunities that will arise as market conditions improve.”

Shore Capital 2016 Annual Report and Accounts