Shore Capital Group Limited
(“Shore Capital”, the “Group”, or the “Company”)
Preliminary Results for the Year Ended 31 December 2018
Shore Capital, the independent investment group specialising in capital markets, asset management and principal finance, today announces its preliminary results for the year ended 31 December 2018.
- Revenue up 3.4% to £43.3 million, (2017: £41.9 million)
- Profit before tax of £4.1 million (2017: £4.6 million)
- Earnings per share of 12.6p, (2017: 13.1p)
- Final proposed dividend of 5.0p per share
- Total dividends for the year of 10.0p per share (2017: 10.0p per share)
- Increased revenues have allowed further investment in both Capital Markets and Asset Management divisions, positioning us to capture market share as global banks retrench and benefit further when sentiment improves
- Acquisition of Stockdale Securities after the year end will create London’s fourth largest adviser to quoted businesses, expected to complete on 31 March 2019
- Agreement of a £200 million institutional funding line for Puma’s property finance operation with funds advised by RoundShield Partners LLP, a significant endorsement of the Group’s Asset Management business
- DBD’s 32 regional radio spectrum licences have been reallocated to the 3.700-3.730 GHz frequency band on a flexibilised basis, enabling their use for modern 4G and 5G services
Commenting on the results, Howard Shore, Chairman, said:
“We have continued to grow revenues whilst making targeted investments across our main operating divisions. This counter-cyclical strategy positions us to capture market share, further establishing our credentials as a significant presence in UK financial services.
“The Stockdale acquisition is evidence of our appetite for investment and will elevate our Capital Markets division to London’s fourth largest adviser to quoted businesses. Similarly, in Asset Management we have secured a £200 million institutional funding line for our property finance business.
“Whilst not immune to uncertainty in capital markets, we are excited by recent developments in all divisions – Capital Markets, Asset Management and Principal Finance – and are therefore optimistic about the prospects of our diversified business model.”
Howard Shore, Executive Chairman +44 (0) 20 7468 4050
Simon Fine, Co-Chief Executive
David Kaye, Co-Chief Executive
Lynn Bruce, Director +44 (0) 14 8172 8902
Grant Thornton UK LLP (Nominated Adviser) +44 (0) 20 7383 5100
Montfort Communications (Public Relations)
Olly Scott +44 (0) 78 1234 5205