Profits at small cap broker soar

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Boutique broker Shore Capital hailed the recovering strength of the UK’s smaller listed companies as it posted a 123 per cent rise in first-half profits yesterday.

The Guernsey-based firm said pre-tax profits for the six months to end-June hit £3.3 million, although revenue was unchanged from the year before at £17.8m.

Executive chairman Howard Shore said: “The continued strength of our business demonstrates that confidence is beginning to return to the economy as more clients look to raise development capital.”

The group expects UK small cap companies to continue to outdo blue chips and increase deal activity.

Shore Capital re-instated its interim dividend at 0.4p per share and said it plans to pay out the same amount in the second half, compared with 0.5p in 2012.