SCGL – Interim Results for the six months ended 30 June 2015

Shore Capital Group Limited

(“Shore Capital”, the “Group”, or the “Company”)

Shore Capital, the independent investment group specialising in capital markets, principal finance and alternative asset management, today announces its interim results for the six months ended 30 June 2015.

Financial highlights

  • Revenue up 15.1% to £25.9 million (2014: £22.5 million)
  • Profit before tax up 92.4% to £9.5 million (2014: £5.0 million)
  • Earnings per share up 67.7% to 20.8p (2014: 12.4p)
  • Adjusted earnings per share up 67.5% to 20.1p including the dilutive impact of share options (2014: 12.0p)
  • Balance sheet remains strong with liquidity of £39.1 million, plus a further £20 million working capital facility that was unused at the period end
  • Following the sale of radio spectrum licences, the Board intends to return capital of £10 million to shareholders

Operational highlights

  • DBD completed the sale of a number of radio spectrum licences in Germany, generating net revenue of €12.5 million (£9.2 million) and contributing to a profit for the Principal Finance division of £5.8 million
  • Capital Markets advised on two IPOs and six secondary fundraisings, including AIM’s largest IPO fundraising of H1 2015, the AIM IPO of Applegreen plc raising €92 million
  • Recent client wins included the Group’s first FTSE 100, Wm Morrison Supermarkets plc; and the Group’s fourth FTSE 250, A. G. Barr plc.  In the 2015 Extel Survey, achieved number one ranking in retail and insurance with five other sectors scoring top five rankings
  • Additional fixed income specialists recruited from Edmond de Rothschild
  • Puma Investments achieved the largest VCT fundraising of the tax year with record inflows into Private Client Investment offerings
  • Brandenburg Realty raised €150 million for its residential focused German property investment strategy

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

“Despite the expected slowdown in the Capital Markets business ahead of the UK General Election, we have achieved strong results and made significant progress across the business, underlining the strength of our client-focused offer. Our Capital Markets business continues to attract high quality clients and advise on prestigious mandates. Inflows into Asset Management are growing and its investment strategies continue to deliver high quality returns for investors. And, in Principal Finance we are optimistic of further value creation opportunities.

“In our 30th year of operation, we can be proud of the high quality business we have built, which attracts entrepreneurial investors and clients looking for our unique blend of advisory-led services. The recent addition of a fixed income capability demonstrates our commitment to developing the business and offering a wide range of complementary services to clients.”


SCGL Interim results for the six months ended 30 June 2015