Update: Gaining share in challenging markets
Share has once again taken market share (8.41% of peer group revenue in Q315 vs 8.16% in Q215 and 7.62% in Q314), continuing its multi-year trend. However, trading conditions remain challenging with market dealing commissions falling, regulatory pressure on fees and maturing high rate accounts being reinvested at lower yields. Overall revenue was down 1% on Q314 and, taking account of a continuation of this subdued trading for the rest of the year, we have reduced our estimates.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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