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February 18, 2015updated 12 Apr 2017 3:54pm

Aldermore results omit mention of IPO

Aldermore made no comment on a renewed attempt of an initial public offering (IPO) plan in its group annual results for 2014, despite its profits doubling.

By Sotiris Kanaris

Aldermore made no comment on a renewed attempt of an initial public offering (IPO) plan in its group annual results for 2014, despite its profits doubling.

The company saw its profits reach £56m (€75.91) in 2014, with lending to SMEs up by 32% to £2.2bn last year, compared to £1.7bn in 2013.

Aldermore’s chief executive officer, Phillip Monks, avoided mention of the IPO in his comment, despite the British bank’s data indicating IPO related pre-tax costs of £6m.

A spokeswoman for Aldermore declined to comment.

Last year, the bank shelved its IPO offering because of the deterioration of global equity markets.

In a statement last October, the bank said: "Due to the recent deterioration of global equity markets, Aldermore’s Board and Shareholders have elected not to proceed at this time with the initial public offering of Aldermore."

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