Shore Capital founder to relinquish CEO role; FY revenue up 21%
Private equity firm Shore Capital said on Wednesday that its founder and executive chairman Howard Shore is relinquishing his operational responsibilities as group chief executive, as it reported a 21% increase in full-year revenue.
Financial Services
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17:09 25/04/24
Shore Capital Group Ltd.
222.50p
16:55 31/10/19
Shore's duties will be taken over by Simon Fine and David Kaye as joint chief executive officers, with Shore remaining executive chairman of the group and focusing on its international investment strategy, including developing new relationships and investment opportunities.
Fine and Kaye's appointments are intended to take effect in April.
In a separate statement, the company said revenue in the year to the end of December rose to £39.4m, with profit before tax and impairments up to £5.1m from £4.3m the year before.
Shore said its capital markets business advised on four IPOs in the period, the largest AIM fundraise of 2016 for Sirius Minerals and Poundland's £600m takeover by Steinhoff International.
In addition, it won 11 new clients including Dairy Crest, Chesnara, Stride Gaming and Earthport.
Revenue in the capital markets business was up 21% to £28.3m while the asset management division saw revenue rise 10% to £10.4m.
Howard Shore said: "Despite the market uncertainty immediately pre-and-post the Brexit vote, and the period leading up to the US Presidential election, I am delighted by the performance of our capital markets business and the strong progress made in our asset management division.
"We have seen companies wanting to get on with growing their businesses and institutions that want to buy into them. That cannot happen in a vacuum, demonstrating that markets are again open for business, focusing on the fundamentals of the deal, rather than market participants sitting on their hands and worrying about uncertainty."
At 0922 BST, the shares were down 1% to 240p.