Shore Capital Group Limited (“Shore Capital,” the “Group” or the “Company”) Interim results for the six months ended 30 June 2017
Shore Capital, the independent investment group specialising in capital markets, principal finance and asset management, today announces its interim results for the six months ended 30 June 2017.
- Revenue up 13.0% to £20.3 million (2016: £18.0 million)
- Profit before tax of £2.5 million (2016: £2.4 million
- Earnings per share of 6.7p (2016: 6.5p)
- Capital Markets advised on ten secondary fundraisings and three IPOs
- Eight new retained corporate clients won, including Non-Standard Finance; Oxford Biodynamics; and UP Global Sourcing Holdings
- Market Making operation increased revenues and profits by 15% compared to the previous year
- Investment in research platform with the establishment of a new distribution channel in North America
- Strong fundraising performance for the Asset Management division, particularly the Puma EIS Service and Puma Heritage plc, reflecting long term investment in the business
- Latest VCT, Puma VCT 13, launched post period end
- New £21 million joint venture established with investment into the UK supported living sector
Commenting on the results, Howard Shore, Executive Chairman, said:
“The Group has continued to make progress amid a challenging market and in the face of domestic political uncertainty driven by the weakened majority of the UK government following the General Election in June.
“I am encouraged by the performance of our Capital Markets and Asset Management divisions. There is a significant opportunity for these businesses to continue winning market share as a number of major international banks either reduce capacity or withdraw from certain segments of the market. We therefore remain confident about the Group’s medium-term prospects for growth.”