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Pre-Tax Profits Rise At UK Investment Specialist
Tom Burroughes
19 March 2013
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.