Shore Capital announces its interim results for the six months ended 30 June 2019

 

Shore Capital, the independent investment group specialising in capital markets, asset management and principal finance, today announces its interim results for the six months ended 30 June 2019.

 

Financial highlights

  •  Revenue up 12.2% to £24.3 million, (2018: £21.6 million)

  •  Profit before tax, excluding reorganisation costs* associated with the acquisition of Stockdale Securities, up 7.5% to £2.7 million, (2018: £2.6 million)

  •  Earnings per share, excluding reorganisation costs associated with the acquisition of Stockdale Securities, up 33.8% to 9.9p, (2018: 7.4p)

  •  Statutory profit before tax of £1.3 million, (2018: £2.6 million)

  •  Statutory earnings per share 5.1p, (2018: 7.4p)

  •  Dividend of 5.0p, (2018: 5.0p)

*Reorganisation costs of £1.4 million associated with the acquisition of Stockdale Securities

 

Operational highlights

  •  Capital Markets completed the acquisition of Stockdale Securities on 31 March 2019, elevating the Group to become London's fourth largest corporate broking and advisory business, with 123 retained clients

  •  Strong mix of M&A and fundraising mandates for clients including Marks & Spencer plc, Safecharge International Group Ltd and Dairy Crest Group plc. 58 clients added, comprising the 52 joining with the acquisition of Stockdale Securities, and six new clients, including Arbuthnot Banking Group plc

  •  Asset Management AUM surpassed £1 billion as the business continued to grow and asset valuations improved

  •  Continued momentum in Puma Investments, where Puma Property Finance has passed £500 million of loans and construction projects executed, the evergreen Puma Alpha VCT has been launched and Puma AIM celebrated its five-year anniversary

  •  Strong valuations from recent 5G spectrum licence auctions in Germany are very encouraging for prospects of good future returns from the investment in DBD

 

 Commenting on the results, Howard Shore, Chairman, said:

"The Group continued to demonstrate the strength of its diversified business model, exploiting opportunities for growth across its primary areas of operation as larger market participants retrench, and produced an excellent outcome, given the market conditions.

"Capital Markets completed the acquisition of Stockdale Securities, increasing the scale and scope of its services and worked on a range of mandates, in addition to organically growing its retained client base. Asset Management continues its recent growth, surpassing £1 billion of AUM. In Principal Finance we were very encouraged by the results of the 5G auction in Germany and the future prospects of good returns from the investment in DBD."

 

Enquiries:

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

 

Grant Thornton UK LLP (Nominated Adviser)   +44 (0) 20 7383 5100

Philip Secrett

Jamie Barklem

 

Monfort Communications (Public Relations)   +44 (0) 78 1234 5205

Olly Scott