Hume Capital Securities PLC Strategic Update (7343E)
April 14 2014 - 3:08AM
UK Regulatory
TIDMHUME
RNS Number : 7343E
Hume Capital Securities PLC
14 April 2014
14 April 2014
Hume Capital Securities plc ("Hume" or the "Company")
Strategic Update
With effect from today, the Company has made the decision to
cease its market making activities in the short term. Despite the
fact that market making has been profitable over the long term, the
Company believes that its growth in other areas will generate
higher returns for shareholders.
Whilst reviewing all its strategic options the Board believes
that the Group's capital is employed most effectively through
focussing on the corporate division and growing its assets under
management. The Board stresses that this is a short term decision
whilst the company takes advantage of new opportunities on
offer.
The Board has looked carefully at where capital allocation will
provide greatest shareholder value. We remain focused on capital
markets and want to invest further in our proven corporate skills.
We have also achieved considerable success in wealth management
with the expected GBP130m fund won from Peterborough and other
larger mandates in the pipeline. In addition, the launch of an
onshore fund range has been received extremely positively by
investors in both Asia and the UK. Further, the Company is looking
at new areas of business on offer that will generate further
annuity income streams for the group.
The interim results will be released before the end of May and
early indications are that the results for the 6 months to February
2014 will show a significant improvement over the same period last
year.
We are also expecting the second half of the year to continue
with this upward trend backed up by a strong corporate pipeline,
evidenced by today's listing of Haydale Graphene Industries plc,
continuing to win assets under management and further cost savings
which are starting to feed through to the bottom line.
Enquiries:
Hume Capital Securities plc
Nitin Parekh (Chief Executive Officer) 020 3693 1470
Grant Thornton UK LLP, Nominated Adviser
Philip Secrett /Melanie Frean/ Jamie Barklem 020 7383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
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