Poised for delivery
Share plc’s FY16 result was modestly ahead of our expectation and it is making progress in its work to enhance its customer proposition and servicing through significant investment in IT. The results of this should become more evident in the current year and help continue the growth in assets under administration (AUA), potentially helped by further acquisitions of books of accounts and corporate partnerships. As a platform with relatively stable costs once the IT renewal has been completed, increasing scale should feed through to geared profit improvement. Our central valuation of 29p is maintained.Share's principal business is The Share Centre Limited. The Share Centre provides services to personal investors on a self-select basis. There are four main account types: Share Accounts, which are dealing accounts capable of holding a range of equities, funds, Exchange Traded Funds, bonds and investment trusts; Individual Savings Account (ISA), which has the same functionality but within the tax efficient savings wrapper of an ISA; Self Invested Personal Pension, which provides a tax efficient route through which to save in order to provide a pension in retirement; and Child Trust Fund/Junior ISA, which can be opened by parents and guardians on an unfunded self-select basis.
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