Share PLC jumps 10% as company hails 'excellent' 2017

Share account administration company Share PLC’s share prices jumped over 10% on Thursday after it reported a 28% increase in revenues to £18.7m for 2017.

The increase in sales when compared to the previous year was accompanied by a 41% reduction in operating losses, to £0.8m, and a 27% increase in assets under administration to £4.7bn.

Gavin Oldham, chairman of Share PLC, said: "This excellent result was helped by favourable trading conditions, and the benefits of growth initiatives coming through, including a major new commercial relationship with Computershare. Our Digital Transformation Programme remained a key focus in 2017 and we are pleased with the progress made. It remains a core area for us in 2018."

Four new branded Computershare services were launched in May 2017, with the financial administrator ensuring that Share PLC’s market share income rose to 12.81% in the year from 9.85% in 2016.

Despite this, the Share PLC’s profits decreased by 58% to £310,000 for the year as Share PLC saw a 22% increase in administrative expenses to £19.5m and a 58% decrease in other incomes to £900,000, which offset rising revenues.

Richard Stone, chief executive of Share PLC, said: "Market conditions for personal investors remain favourable and global economic indicators for corporate earnings also look positive. While we expect to see greater stock market volatility and there is scope for political events, both domestically and on the international stage, to unsettle the trading environment, the new financial year has started well and we remain positive about our future prospects."

As of 1033 GMT, Share PLC’s shares were up 10.24% at 28.00p.