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Wed City brief: new bank in stunning debut

Shares in challenger bank Shawbrook got off to a good start, soaring to 306p from the debut price of 290p. The bank expects to make waves in the small business lending market.

The bank’s stunning start helped lift sentiment with the FTSE100 regaining ground lost in the last session.

The index of leading shares finished 36.46 pts higher at 6809.5, helped by better than expected eurozone manufacturing data for March and solid growth in UK manufacturing.

Iomart, the Scottish cloud computing company, expects adjusted EBITDA of about £29 million (FY2014: £23.6m) and adjusted profit before tax of approximately £16.6m(FY2014: £14.6m), both in line with consensus market expectations.

In a pre-close trading update Angus MacSween, CEO, said: “Iomart has delivered another solid year of growth. The long term opportunity remains very real and iomart is well positioned to take advantage of growth in the cloud.”

Iomart said it has delivered solid organic growth combined with good performances from its acquired businesses, and the board anticipates these dual drivers of growth continuing.

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