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 2021.
Commenting on the results, Howard Shore, Chairman, said:
“The Group had a successful year in which revenues grew by over 17% to £73.5 million and pre-tax profits grew by 67% to £19.1 million, producing earnings per share of 61.4p.
We have continued to see the value of our diversified business model to deliver strong returns during the period, with all divisions making a strong contribution. Our Corporate Advisory and Broking team has benefitted from an increase in both fundraising and M&A activity, where we acted on deals exceeding £11 billion in value. Our Market Making division recorded high trading volumes, particularly in the first six months of the year, and our Research business has invested in expanding its offering in a number of new sectors, including the addition of a dedicated ESG specialist team.
The Asset Management business has recorded important strategic gains, with Puma Property Finance securing a new £300 million institutional funding line, as well as increased retail capital inflows and upward portfolio valuations, growing AUM to £1.7 billion. We have seen particularly strong demand for the Puma Venture Capital Trusts and Puma AIM Service as retail investor sentiment has returned strongly during the year.
The Principal Finance business benefitted from valuation uplifts in its holdings in Nippon Active Value Fund and Brandenburg Realty, with the latter also contributing to increased fees and carried interest.
The Group’s balance sheet and liquidity remain strong, with net assets of £81.2 million and liquid resources of over £40 million at the period end.
On the back of these improved results, I am pleased to report that the Group is proposing a final ordinary dividend of 10.0p per share, which will bring total ordinary dividends for the year to 17.5p, a 17% increase on the previous year.
In addition, as a result of the partial realisation of the investment in Brandenburg Realty and the dividends being paid from the operating subsidiaries, the Group is able to announce a special dividend of 35p a share to be paid at the same time as the final ordinary dividend.
Finally, I would again like to thank all our employees for their hard work and commitment in support of the business.”
Shore Capital +44 (0) 20 7468 4050
Simon Fine, Co-Chief Executive
David Kaye, Co-Chief Executive
Andrew Whittaker, Non-Executive Director +44 (0) 14 8172 4222
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