25 May 2012

Share Centre buoyed by private investors

01/03/2011 Miles Nolan

Share, the parent of low cost trading service The Share Centre, has reported a surge in pre-tax profits as private investors return to the market. Now in its 20th year of operation the Aylesbury based stockbroker holds £120m of client cash and has 300,000 customer accounts.

In the year to 31 December pre-tax profits jumped 39 per cent to £3.25m as sales increased 10 per cent to £15.6m, highlighting the operational leverage of the business. In an interview with Growth Company Investor chief executive Gavin Oldham said 'activity levels have been brisk with more and more people using internet based services'. He admits that of every ten accounts opened at The Share Centre that nine are registered online. The outlook for the forthcoming ISA season looks positive as investors flock for more attractive investment rates for their money.

Market share has increased despite a slight reduction in marketing spend. Share has a solid balance sheet with cash of £11 million, unfortunately the benefit of a policy it took out that offered higher interest rates came to an end in November 2010 - so future interest rate receipts will be much lower. A separate negative spot was the £330,000 it had to pay out to the FSCS for its share of the compulsory levy that has been charged to regulated firms for the errors of others.

The shares trade on www.sharemark.com and currently trade at 27.5p - unchanged today.

Tags: Fscs, Gavin Oldham, Growth company, ISA, The Share Centre

Sector: Financial Services

Companies: Share

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