Aldermore to cut IPO valuation as profit climbs

Sky News reports that Aldermore is to announce that annual pre-tax profit in 2014 more than doubled to approximately £50m for the first time, up from £22.4m the year before.

Figures will apparently include a return on equity for the second half of the year of about 19%.

A source close to the bank reportedly told Sky News that it could announce its intention to float on the London Stock Exchange by the end of the month.

Aldermore is led by Philip Monks, a former Barclays executive, and is majority-owned by AnaCap Financial Partners, a private equity firm.

Aldermore declined to comment.