Shore Capital profit almost doubles on reduced write-downs

Writer, Stock Market Wire
Monday, March 26, 2018 - 10:27

Investment manager Shore Capital said it almost doubled annual profit, mostly owing to a reduction in asset write-downs compare to the previous year.

Pre-tax profit jumped 92% to £4.6m, as revenue rose by a more modest 6.3% to £41.9m.

Capital markets revenue declined by 3.9%, offset by 24% growth in asset management revenue.

The company held its final dividend steady at 5p per share.

'The group has enjoyed a year of growing revenues and profitability,' chairman Howard Shore said.

'Our capital markets business has been busy, participating in a high volume of transactions during the year and growing its franchise.'

'Meanwhile, our asset management division performed very strongly, with significant uplifts in revenues and profitability.'

At 10:27am: (LON:SGR) Shore Capital Group PLC share price was +15p at 260p

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