4th Mar 2020 11:26
(Alliance News) - Share PLC on Wednesday said assets under administration climbed to record levels at the end of 2019.
The owner of Share Centre, an online stockbroker focused on retail investors, said assets under administration rose 25% to GBP6.1 billion from GBP4.9 billion at the end of 2018.
Revenue in 2019 came in 7.6% higher at GBP22.6 million, also a record, from GBP21.0 million. Its pretax loss however, worsened to GBP133,000 from GBP22,000.
Share booked GBP600,000 in one-off costs related to "corporate discussions with interactive investor and others".
Share in February said it agreed to a GBP61.9 million takeover offer from interactive investor.
Manchester-based interactive investor, or ii, has its own trading and investment platform.
Share's shareholders will own around 6.8% of the combined company.
"As announced on February 17, the board has agreed a recommended offer for Share with interactive investor, which is now progressing through legal, shareholder and regulatory approvals," Share said on Wednesday.
As a result of the agreement with ii, Share said it will not pay a dividend.
The company's stock was 1.1% lower at 32.15 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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