Log In

Reset Password

Profits drop slightly

Investment bank Shore Capital Group Ltd’s profits dropped slightly to £4.3 million for the first half of 2011 from £4.7 million for the same period a year previous.The profits before tax were £3.9 million including Spectrum Investments Ltd, which it acquired a majority interest in this year, the company announced in its interim results to June 30, 2011.The company, which is focused on equity capital markets, alternative asset class fund management and principal finance and has a secondary listing on the Bermuda Stock Exchange, however, saw revenue from operating businesses rise to £19.6 million from £18.1 million in 2010.Earnings per share were £1.02 or 93 pence including Spectrum versus £1.10 last year, while its interim dividend per share was 25 pence - the same as a year earlier.The company’s ECM (Enterprise Content Management) business continued to perform strongly despite a challenging environment with 11 new corporate clients and its asset management revenues were stable, reflecting a closed-end nature of fund products.Its balance sheet remained strong with a gross cash balance on £43.9 million at the end of June, providing substantial capacity to make strategic acquisitions as opportunities arose.Howard Shore, executive chairman of Shore Capital, said: “Our business has continued to demonstrate resilience, having delivered a strong operating performance in challenging market conditions. We have made progress on a number of fronts and are particularly excited about the acquisition of the controlling interest in Spectrum Investments, our German broadband investment.“Our balance sheet strength and liquidity should allow us to take advantage of other opportunities as they present themselves.”