Shore Capital, the London-listed investment manager focusing on areas such as alternative assets, said pre-tax profits, excluding its recent acquisition of a controlling stake in Spectrum and DBD, a German telecoms firm, rose to £3.7 million ($5.58 million) in 2012, up from £400,000 in 2011.

Pre-tax profit excluding the Spectrum and DBD figures was £2.5 million, against a loss in 2011 of £900,000, it said in a statement today.

Revenues rose by 11.2 per cent to £32.8 million from £29.5 million a year earlier.

Funds under management as at 31 December 2012 were £870 million ($1.41 billion), compared to the £1.21 billion ($1.86 billion) at end-2011. The reduction reflected the firm’s closure of its discretionary investment management services to private clients; a revaluation of the hotel portfolio held by Puma Hotels; and movements in the value of the euro, it added.

The firm specialises in principal finance, equity capital market activity and alternative asset management.