23 March 2018 – final results
The institutional stockbroking group has announced impressive final results for 2017 with revenues for the year up 36% to £59.5m (2016: £43.7m) whilst pre-tax profits on continuing operations rose by 97% to £10.0m (2016: £5.1m). Earnings per share on the same basis rose by over 150% to 15.0p (2016: 5.9p) and the dividend for the year was raised by 50% to 9.0p (2016: 6.0p). Cash held at the year end was £36.8m (2016: £23.8m). The group benefited from favourable market conditions during the year and its corporate finance team helped its clients raise £2.5bn of equity finance, The current uncertainty in the market means that a repeat performance in 2018 seems unlikely but the relatively low share price seems to discount that already – the shares remain a BUY.