Shore Cap G (LON:SGRS): Stripping out last year’s radio spectrum licence sale, the group continued to grow in the first half against a difficult market backdrop. The results illustrate the benefits of diversification, with asset management continuing to expand and underlying progress evident in Capital Markets with the signing of new retained clients: both areas reported increased revenues in the first half. Investment is being made in additional staff to strengthen the research franchise and support growth in asset management.
First half results
First half revenues, excluding the radio spectrum sale from H115 figures, were up 7.8%: a creditable performance given an uncertain market backdrop in the run-up to the EU referendum. Margins were held at levels close to the prior year period and at more than 20% for both the Capital Markets and Asset Management segments. Profits in Capital Markets nearly matched the H115 level and, underpinned by the rising level of assets under management, profits in Asset Management were up by more than 11%. Reported basic earnings per share were down nearly 70%, but increased slightly compared with H215 (from 6.3p to 6.5p).
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