Liberum profits buoyed after new client wins
LIBERUM Capital saw revenues surge in the first half of the year as the boutique investment bank landed its first major mandates advising companies joining the full list of the London Stock Exchange.
Earlier this month, Liberum acted as co-manager to Vallar, the cash shell set up by financier Nat Rothschild, on its admission to the main market, raising £707.2m. The firm also advised emerging markets-focused mining services group Capital Drilling on its IPO at the start of June.
The ambitious approach to winning clients has boosted the firm’s results over the first half of the year, with revenues up 64 per cent to £20m compared to the first half of 2009.
Gross profit prior to the annual bonus round was £7.5m, double the £3.8m it made last year.
Liberum was set up in 2007 by Shane Le Provost, the former chief executive of Collins Stewart. It has since grown rapidly and now employs around 130 people in London and New York, acting as broker to a roster of 25 corporate clients.
Chief executive Simon Stilwell said: “We have a strong pipeline of deals, we have the right people and are well placed to build on what has been an excellent year to date.”