INVESTMENT company Shore Capital Group, the third largest market marker on the London Stock Exchange, yesterday posted a thumping increase in half year pre-tax profits.
The group, set up by Howard Shore in 1985, said bottom line profit rose by more than a third to £2.9m from £2.2m.
Including the impact of a German telecom business it co-owns, which swung back to a £400,000 profit during the period, pre-tax profits soared a massive 123.2 per cent.
“The continued strength of our business demonstrates that confidence is beginning to return to the economy as more clients look to raise development capital and seek to engage with innovative, service-orientated advisers,” Shore, the group’s executive chairman, said.
The company currently retains 65 clients and did 10 fundraisings for clients over the six month period, which ended 30 June.
This helped increase pre-tax profits in its equity capital markets division – which provides research on more than 200 companies – by 8.1 per cent to just over £3m.
Changes permitting ISA investments to be made in alternative investment market companies are also set to boost the companies coffers in future, it said.
Shore’s 123.2 per cent profit rise was driven by a one-off credit of £1.1m associated with the German telecom business, which is owned through a firm it calls Spectrum.