Shore Capital, the independent investment group specialising in capital markets, asset management and principal finance, has announced its results for the year ended 31 December 2019.
Commenting on the results, Howard Shore, Chairman, said:
“The Group has recorded a successful year in which revenues grew by over 22% to exceed £50 million. Employing our strong capital base through a combination of organic growth and acquisition, the Group delivered material improvements in adjusted pre-tax profits, which grew by more than 60% to £6.6 million.
Strategic advances were recorded in all divisions, with notable achievements being the successful acquisition of Stockdale Securities in the Capital Markets business, assets under management surpassing £1 billion in our Asset Management business, and the increased value we anticipate from our Principal Finance holding of German radio spectrum licences following their flexibilization for 5G use during the year, as well as the increase in value of our investment in Brandenburg Realty.
Statutory pre-tax profits are lower than the prior year as the Group has borne a number of one-off costs in the year, largely in relation to the Stockdale acquisition together with the relocation of our London office to larger premises on St James’s Street. These one-off costs totalling £6.2 million include the more prudent approach of writing off £3.7 million of goodwill, mainly associated with the acquisition of Stockdale.
Adjusting for these one-off costs, the Group has delivered earnings per share of 27.7p. After one-off costs, earnings per share were 4.9p. The Group’s balance sheet and liquidity remain strong, with liquid resources of approximately £30 million in place at the year end in addition to our £20 million undrawn working capital facility.”