24th Apr 2014 09:15
LONDON (Alliance News) - Share PLC Thursday said first-quarter revenue increased by 6.3%, beating its peer group and increasing its market share compared to the same period in 2013.
In a statement, the independent UK stockbroker said second-quarter trading has started briskly with dealing activity and commission continuing to show good growth over 2013, adding that the Share Centre saw record numbers of individual savings accounts being opened and amounts being subscribed during the 2013-14 tax year.
Total subscriptions into ISAs in the tax year were up 48% on 2013, it said.
Share said its first-quarter market share of peer group revenues increased to 7.30%, compared with 7.19% for the corresponding quarter in 2013.
Share's revenue is made up of dealing commission, fee income and interest income.
A 19% increase in dealing commission and a 2% increase in fee income offset an 18% decline in interest income, which fell amidst lower rates available in the market at a time when some deposits on significantly more favourable rates matured.
Since the end of the first-quarter of 2013, assets held by Share on behalf of its customers increased by 18.3% to GBP2.4 billion, against a movement of 5.2% in the FTSE All Share index over the same period.
"With continued low interest rates, the changes announced in the Budget and competitors charging structures now being laid out, we believe the group is well positioned for the future. We look forward to the rest of the year with confidence," Richard Stone, chief executive, said in a statement.
The UK 2014 government budget introduced changes that will result in the extension of the ISA limit from July 2014 and changes to the rules for stocks and shares ISAs. Share said the changes signal "a broader shift" in government policy, with support for pension savings through the tax system likely to come under further pressure.
Share PLC shares were Thursday quoted at 50.80 pence, down 0.4%.
By Samuel Agini; [email protected]; @samuelagini
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