11th Nov 2024 11:01
(Alliance News) - Cavendish Financial PLC on Monday said it started its second financial half well as it declared a dividend amid a swing to a profit.
The London-based investment bank formed by the merger between finnCap Group PLC and Cenkos Securities PLC said revenue jumped 42% to GBP27.7 million in the six months to September 30, from GBP19.5 million a year ago.
The company swung to an interim pretax profit of GBP52,000 from a loss of GBP2.4 million.
Administrative costs increased 57% to GBP27.6 million from GBP17.5 million.
Cavendish declared an interim dividend of 0.3 pence per share compared to none a year prior.
Looking ahead, the company said: "Cavendish has started the second half well, with the H2'25 revenue run rate continuing in-line with H1'25 and deal flow balanced across equity capital markets, public and private mergers & acquisitions, debt advisory and private growth capital. We are positive about the future as we continue to win clients and see increasing demand for initial public offerings as companies seek to join the UK markets."
Julian Morse and John Farrugia, co-chief executive officers, said: "Whilst market conditions have yet to improve significantly post the general election, we remain well placed to benefit as and when they do."
Cavendish shares rose 7.1% to 11.78 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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