Shares in Beeson Gregory, the UK technology investment bank, rose 22 per cent to 206p yesterday following the company’s announcement of a 144 per cent rise in pre-tax profits to £16.3m.
Chairman of Beeson Ari Zaphirion-Zarifi said the buoyant markets in autumn 1999 and the first half of 2000 had been an important factor contributing to the bank’s record results. “Since then, markets have become much more uncertain and volatile, but it’s gratifying to note that we generated £14.9m, 36 per cent of our turnover, in the second half, which was significantly ahead of the £11.3m produced in the corresponding period of 1999,” he said.
The company also announced that its private equity division, the former IndexIT, raised £116m for 21 private equity companies during the year, generating £4.5m of revenue in core technology and related sectors.
The group also announced that it is closing its office in Boston and writing off the £1.46m worth of investment it made. Beeson said it was building an asset management business and plans to launch its first fund, focusing on European growth companies.
The board is recommending a final dividend of 2p, bringing the total to 3.75p payable from earnings per share of 15.12p.