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 2020.
Commenting on the results, Howard Shore, Chairman, said:
“The Group has recorded a very successful year in which revenues grew by over 17% to £63 million, delivering pre-tax profits of more than £11 million and adjusted earnings in excess of 35p per share.
The year was of course dominated by the ongoing COVID-19 pandemic, which led to a series of UK-wide lockdowns from late March. As we reported in our interim results, the business was able to adapt swiftly to remote working, maintaining our high level of service to clients and providing support to our staff. I should like to record a huge vote of thanks for all those in our operational team who made this possible.
Our diversified business model has continued to prove valuable and deliver strong returns. With our strong and liquid balance sheet, our trading teams have been able to respond very well to stock market volatility and have made a significant contribution to an outstanding performance in terms of revenue and profits. Elsewhere in our Capital Markets business, our research and sales teams have continued to deliver high-quality advice in an ever-changing landscape, and our corporate broking teams have continued to support an expanding client base with primary and secondary fundraises.
Our Asset Management business has proved resilient to the economic headwinds, increasing revenues and growing AUM by over 20% to £1.3 billion. We have seen particularly strong demand for our development finance products as the pandemic has led to further retrenchment of mainstream banks from the sector. In Principal Finance, we continue to be very positive about the prospects for our spectrum assets in Germany in a world where increased home working and video conferencing look likely to be a long term feature.
The Group’s balance sheet and liquidity remain strong, with liquid resources of nearly £30 million in place at the year end in addition to our undrawn £20 million working capital facility.
On the back of these strong results, I am pleased to report that the Group is proposing a final dividend of 10.0p for the period, taking total dividends for the year to 15.0p, a 200% increase on the previous year.
We strongly believe that as the economy recovers we will continue to benefit from being both a strong but also flexible participant in the new environment. We also remain open and willing to contemplate M&A opportunities as they may arise.
Finally, I would again like to thank and pay tribute to all our employees for their hard work and commitment during 2020.”
Shore Capital +44 (0) 20 7468 4050
Simon Fine, Co-Chief Executive
David Kaye, Co-Chief Executive
Lynn Bruce, Director +44 (0) 14 8172 8902
For any media enquiries, please contact Adele Gilbert on +44 7484 778 331.