By Jonathan Davies

Aldermore, the six-year old UK bank, has revived its plans to float on the London Stock Exchange after cancelling them last year.

The announcement came as the bank reported a doubling of profits from last year.

The bank, which was founded in 2009 by Phillip Monks, scrapped its floatation in October 2014, blaming uncertain stock market conditions.

Aldermore now plans to float in March, hoping to raise £75m "to support the medium-term growth of the business".

Aldermore focuses on lending to small and medium-sized enterprises (SMEs) and to homewoners.

"We have been clear that we view the public markets as the right place for us to be. Now is the right time for Aldermore to seek a listing on the London Stock Exchange," said chief executive Phillip Monks.

Around 40% of the bank will be sold in the floatation.