Aldermore Cuts IPO Valuation As Profit Soars

One of Britain's fastest-growing challenger banks will unveil a surge in profits on Tuesday even as it draws up plans to float on the stock market at a significant discount to a previous attempt last year. Sky News has learnt 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. Insiders said the figures would include a return on equity for the second half of the year of about 19% - high