8th Oct 2019 09:22
(Alliance News) - Investment banking firm finnCap Group PLC said Tuesday it expects to report substantial revenue growth in the first half of its financial year, bolstered by new clients and sale mandates, despite tough market conditions.
For the six months to the end of September, finnCap expects to report pretax profit at no less than GBP1.3 million, compared to GBP1.4 million the year before. Revenue meanwhile is set to grow by 56% to around GBP14.2 million from GBP9.1 million.
finnCap said during the period, it won 12 new corporate clients, and as at Tuesday has 127 retained clients.
The company also completed eight sale mandates, and signed up 17 new sell side mandates.
Despite the political backdrop and challenging market conditions, finnCap said it considered its performance for the first half to be a good one, leaving the group well positioned to meet its expectations for its financial year.
"Given the difficult market backdrop, I am pleased with our strong overall performance and am excited about our continuing evolution to a professional services group for growth companies. Despite the challenging market conditions, we have signed up 12 new retained corporate clients and 17 new sell side mandates in the first half and have a strong pipeline for the second half," said Chief Executive Officer Sam Smith.
Shares in finnCap were untraded on Tuesday, last quoted at 25.00 pence in London.
By Dayo Laniyan; [email protected]
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