Annual reports

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The Group’s revenue market share over the year, excluding interest, also hit a record high and we won eight industry awards, including Investment Trends’ prestigious award for ‘Overall Client Satisfaction’ for the third consecutive year.

Financial highlights

  • Revenue up by 12% to a record £21.0m (2017: £18.7m) – helped by a first full year of the Computershare partnership
  • Revenue market share excluding interest (*) was 3.78% (2017: 4.03%)
  • Assets under administration increased by 3% to £4.9bn (2017: £4.7bn)
  • EBITDA of £0.5m (2017: £0.4m loss)
  • Operating losses reduced by 60% to £0.3m (2017: £0.8m) - operating profit of £0.2m in the second half of 2018
  • Reported loss before tax was £22,000 (2017: profit of £0.4m including one-off item of £0.9m)
  • Underlying (**) earnings increased to £0.6m (2017: £0.4m)
  • Underlying (**) basic and diluted earnings per share increased to 0.4p (2017: 0.3p). Reported basic and diluted earnings per share of 0.0p (2017: 0.2p)
  • Balance sheet remained strong, with cash of £9.0m (2017: £10.5m) and equity investments of £8.4m (2017: £6.4m)
  • Shareholders’ funds of £19.5m or 13.5p per share (2017: £18.2m or 12.7p per share)
  • Proposed final (and total) dividend of 0.55p per share (2017: 0.40p per share), up by 38%

Operational highlights

  • Material expansion of customer base, through continuing strategy of partnerships and account acquisitions
  • Digital transformation programme has achieved further major milestones
  • Continuing recognition for customer service

Outlook

  • Investor confidence and activity in the near term has been impacted by the current uncertain political environment, but Share remains well positioned with a growing customer base and a strong pipeline of partnership opportunities
  • The Group’s financial performance in 2019 is expected to build on the positive momentum in the second half of 2018 and deliver a material improvement in profitability in 2019 as the benefits of growth initiatives continue to come through

(*) the monthly peer group comprises: Alliance Trust Savings, Barclays Stockbrokers, Equiniti, Halifax Sharedealing, HSBC Stockbrokers, Saga Personal Finance, Selftrade and TD Direct Investing (including Interactive Investor from October 2017)

(**) excludes the impact of some items, particularly any large non-recurring items, as defined in Note 16.