Investment bank Shore ready to do more deals

BOUTIQUE investment bank Shore Capital may make more acquisitions after reporting an increase in first-half revenue.

The Aim-listed bank said revenue rose 12 per cent to £20.44m while pre-tax profit dipped 17 per cent to £3.86m.

Last year Shore Capital spent €2.885m (£2.5m) on a controlling stake in Spectrum Investments, a vehicle for buying a majority share of Deutsche Breitband Dienste, a German telecoms business.

When asked about potential acquisitions executive chairman Howard Shore told City A.M.: “The conditions are tough but do provide opportunities.”

“We want to, on a targeted basis, do more deals like [Spectrum] but don’t have a target spending amount... I don’t think money should ever burn a hole in your pocket.”

Shore held its interim dividend at 0.25p per share.