20th Mar 2019 11:01
LONDON (Alliance News) - Share PLC on Wednesday said it swung to small loss in 2018 after a one-time fee received the year before didn't repeat, while revenue rose by 12% on a partnership with Australian financial administration company Computershare Ltd.
The stockbroker reported a pretax loss of GBP22,000 in 2018 compared to GBP383,000 profit a year earlier, despite revenue rising by 12% to GBP21.0 million from GBP18.7 million.
During 2017 the company worked with a prospective new partner in developing a new product. This partner decided not to proceed with the launch of that product and paid Share a one-off, non-refundable fee of GBP900,000 for product development work completed but not progressing.
Meanwhile, revenue growth was helped by a full year of Share's partnership with Computershare following its launch in May 2017 and strong trading volumes in the first half of the year.
Share proposed final dividend of 0.55 pence per share, up 37% from 0.40p paid the year before.
"Share made strong strategic and operational progress in 2018, achieving some important milestones with its digital transformation programme and other growth initiatives," said Chair Gavin Oldham.
"We therefore believe that Share is well-positioned to continue to grow and develop for the long term and to navigate the continuing near term challenges," added Oldham.
The stock was trading 2.0% higher on Wednesday at 25.50 pence a share.
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