Trading in line and client account acquisition
Share indicated that Q3 trading was in line with expectations and it is continuing to implement its IT investment programme to deliver an improved customer experience and greater scalability to provide for future growth. On this front, assets under administration (AUA) have continued to increase organically and an acquisition of a book of accounts has been agreed. This and previously announced partnership agreements with Computershare and a wealth manager are set to begin contributing to revenues next year. Our estimates and valuation are unchanged.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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