Update: Pricing strategy delivers record market share
Share plc adopted a fixed-price account fee in the summer of 2013 and has been one of the lowest-cost execution-only internet stockbrokers. This market positioning has delivered a record market share of revenue in Q214 (8.15%, Q213 6.95%). With operational leverage, underlying pre-tax profits grew 28% on H113. However, interest income could be under pressure in 2015 with regulatory changes and we have reduced estimates to reflect this. A rising interest rate environment may mitigate this effect.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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