Investment bank, Shore Capital has announced a hike in dividend after it reported a profit against the loss during the previous year.

The company has reported a profit before tax of £14.6 million for the year to 31 December against a loss of £1.7million in 2008. The revenue of the company from equity capital markets and asset management businesses rose by
47.6 per cent while its turnover rose as much as 98 per cent to £39million.

It was successful of attaining the levels of 2007 after suffering a deficit in 2008. It announced a total dividend of 0.875p compared with 0.3p a year ago.

Shore has six analysts in Edinburgh along with offices in London, Liverpool, Guernsey and Berlin. It opened its office in Edinburgh in December 2008 after it brought in Landsbanki Securities analysts team comprising of Richard Sloss, Andrew Keith and David Phillips. It was founded in 1985 and now has grown to over 100 employees.

Under its organic growth plan it acquired German property fund Puma Brandenburg in September which increased the assts of the firm by £63.1million. Shore now plans to list Puma on the Luxembourg stock exchange as a property investment company.

Chairman and founder of the firm, Howard Shore said "2009 was a terrific year. Even aside from the acquisition, the underlying business performed well. Over the past decade, we have generated more than 40 per cent per annum growth in our total return to shareholders."

Mr. Shore further said the next government in the UK should not curb the financial sector and it should cut spending as the level of borrowing in the country is very high.

In another development the company plans to shift its head office to Guernsey from London in order to save tax and find more opportunities for its growing international business.

Shares of the company rose 8 per cent to 36.5p. The firm is valued at £85m at current market prices.