18 Jun 2013 07:00
AIM: SHRE
Share plc
("Share" or "the Company" or "the Group")
AGM Statement
Trading Update and Board Changes
Share plc which operates The Share Centre Limited, a leading independent UK stockbroker, will be holding its Annual General Meeting today and will provide the following update on trading for the year to 31 December 2013. In addition, the Company also announces a number of Board changes, full details of which are below.
Trading update:
After a good start to the year, trading has remained strong. Helped by improved investor sentiment, for the year to date the Company has traded ahead of management expectations.
As previously announced on 18 April, revenues in the first quarter of 2013 were 2% higher than in the same period in 2012 and 8% higher than the fourth quarter of 2012, with dealing commission in the first quarter of 2013 up by 11% year-on-year and like-for-like fee income up by 3%. As reported on 18 April, the Group's performance in the first quarter against benchmarked peers has been encouraging, with Share's market share of peer group revenues at 7.19%, representing an increase on the same period in 2012 (6.10%). These positive trends have continued into the second quarter of the year.
The Group's first half results to 30 June 2013 will be released on 6 August 2013.
Board changes:
After 12 years as Chairman, Sir Martin Jacomb has indicated his intention to stand down from the Board and this is planned to take place on 31 December 2013. The Company is pleased to report that after this date Sir Martin will continue to be involved with the Group in the capacity of Special Adviser.
Chief Executive, Gavin Oldham, who founded the Company, will assume the role of Executive Chairman as Sir Martin steps down, with this taking effect from 1 January 2014. In continuing as the Group's majority shareholder and in moving to the role of Executive Chairman, Gavin will remain fully involved with the business and in particular will continue to contribute to the Group's campaigning and media activities.
Richard Stone, Chief Operating Officer and Finance Director, will become Chief Executive, on 1 January 2014 (subject to regulatory approval). Richard joined the Company in 2006 as Finance Director, taking on the role of Chief Operating Officer in 2012.
The Board has commenced the process of appointing a new Group Finance Director and further details will be announced in due course.
Gavin Oldham, Chief Executive, commented,
"I would like to extend our very great thanks to Sir Martin for the many years of service he has given to our Company. He has been an invaluable asset and support as Chairman and we will miss his wisdom and wit at Board meetings after his departure from the Board at the end of 2013. I look forward to his continuing involvement with the Company as Special Adviser.
In Richard Stone I believe we will have an excellent new Chief Executive who can take the business forward, building on our strong customer service reputation and our focus on serving the interests of personal investors in the United Kingdom.
I look forward to taking up the role of Executive Chairman on 1 January next year and remain as passionate as ever in both seeing the Group continue to grow and develop, and in campaigning for the interests of the private investor."
For further information please contact
Share plc | ||
Gavin Oldham, Chief Executive | 01296 439 100 | 07767 337 696 |
Richard Stone, Chief Operating Officer & Finance Director | 01296 439 270 | 07919 220 599 |
Stephanie Reynolds, PR Manager | 01296 439 256 | |
Barbara Pierssene, Company Secretary | ||
Peel Hunt LLP (Nominated Adviser) | 020 7418 8900 | |
Guy Wiehahn | ||
Biddicks Financial Public Relations | 020 3178 6378 | |
Katie Tzouliadis |