Shore Capital sees market improving
Investment group Shore Capital jumped on Monday after it said the first half of 2012 had been considerably better than the six months preceding it.
Investment group Shore Capital jumped on Monday after it said the first half of 2012 had been considerably better than the six months preceding it.
The firm was also bullish on the prospects for its majority interest in Spectrum Investments, a German telecoms business.
It said the broadband provider could prove "extremely valuable" to the firm, citing the recent sale of two competing licences to a leading mobile operator.
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Revenue for the half-year fell 13% to £17.76m, compared to the first half of 2011.
However, it was up 28.3% compared to the second half of 2011, a period the firm described as "one of the most challenging for our industry".
Profits fell to £1.48m from £3.86m the year before, but, again, were a considerable improvement on the £32,000 profit it made in the latter half of 2011.
Shore said it would not pay an interim dividend but planned to pay one for the year, in April 2013.
Executive Chairman Howard Shore said activity levels at the start of the second half were encouraging.
"Our growing market share is mirrored in the robust performance from our Equity Capital Markets franchise, which boasts strong market making, research and institutional sales capabilities combined with a substantial book of corporate mandates and a burgeoning pipeline," he said.
"A striking example is our research and sales team which delivered a nie per cent increase in revenue in the first half of 2012 over the comparable period last year; a very strong performance especially against a contraction in broking capacity as a number of our competitors either closed, sought mergers or were acquired."
Shares rose 10% following the announcement.
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