Shore Capital H1 profit more than doubles as confidence returns
LONDON, Sept 16 (Reuters) - British investment banking boutique Shore Capital said on Monday first-half pretax profit more than doubled as increased confidence encouraged its clients to raise capital.
Guernsey-based Shore, which provides corporate broking services and research to small and mid-sized firms, reported pretax profit for the six months to end-June of 3.3 million pounds ($5.24 million), up from 1.5 million pounds in 2012. Revenue was unchanged from the year before at 17.8 million pounds.
Its equity capital markets business saw profit up 8.1 percent. Revenue for secondary commissions jumped 11 percent on the year.
Chairman and founder Howard Shore gave an optimistic outlook for the coming months.
"Confidence is beginning to return to the economy as more clients look to raise development capital and seek to engage with innovative, service-orientated advisers," Shore said in a statement.