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Shore Capital revenues up 28.3 per cent in first half

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Shore Capital Group, an investment bank focused on alternative asset class fund management and equity capital markets, has reported a rise in revenue from operating businesses of 28.3 p

Shore Capital Group, an investment bank focused on alternative asset class fund management and equity capital markets, has reported a rise in revenue from operating businesses of 28.3 per cent in the first half of 2009.

Its equity capital markets and asset management revenues rose 25.0 per cent and 19.7 per cent respectively.

Profit before tax was GBP5.21m before movements on balance sheet holdings, up from GBP2.70m in the first half of 2008.

The company has a strong balance sheet and good liquidity with a cash balance of GBP47.6m.

In the first half the company announced an agreement to acquire Puma Brandenburg.

Puma Hotels has been refinanced until 31 December 2012.

Puma Sphera is up 17.1 per cent and PARF is up 8.5 per cent.

Howard Shore (pictured), executive chairman of Shore Capital Group, says:"We are encouraged by the strong improvement of our operating businesses in the first half. Accordingly, we are accelerating the strategy of leveraging our platform by taking on high quality recruits. Furthermore, we hope to use our balance sheet prudently to take advantage of value opportunities as they arise."

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