Shore Capital returns to profitability
BOUTIQUE investment bank Shore Capital Group swung strongly back into the black over 2009, boosted by a revival in trading activity on the markets.
Shore’s adjusted pre-tax profit came in at £14.6m for the year to December, compared to a loss of £1.3m in 2008. Revenue almost doubled to £39m.
The group said its equity capital markets arm delivered a pre-tax profit of £8.8m, up 273 per cent on last year, fuelled by a roaring revival in market-making.
Funds under management fell 13 per cent to £1.33bn despite the acquisition of a majority stake in German property fund Puma Brandenburg, which afforded the company a one-time net asset gain of £63.1m. The group now plans to de-merge Puma from the rest of the group and list it separately, due to its high level of gearing.