Pre-tax profits at Shore Capital rose by almost a quarter in the first half of the year to £12.1m (€17.9m), as the small- to mid-cap UK asset management and broking firm revealed it planned to open a second office in Germany to target equity capital markets business in the country.

Profits before tax rose 24% in the six months to August 31 compared to the same period last year, as equity capital markets business accounted for £5.8m of the total and asset management business brought in £6.3m. Total assets under management at the end of August were £1.4bn.