REG - Cavendish Financial - Half Year Trading Update: Profitable First Half

CavendishAnnouncement

07/10/2024 07:00

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RNS Number : 1488H  Cavendish Financial PLC  07 October 2024

Cavendish Financial plc

Half Year Trading Update: Profitable first half.

Cavendish Financial plc ("Cavendish" and together with its subsidiary
undertakings, the "Group"), a leading UK investment bank, today issues a
trading update in respect of the six-month period ended 30(th) September 2024.

Our profitable first half, in both public and private markets, demonstrates
the broad appeal of our service offering and the efficiency of our platform.
Group revenue for the period is expected to be no less than £27.5m versus
£19.5m on a like-for-like basis* in the same period last year. This is an
increase of 41% year-on-year.

Cash balances of £17.2m at 30(th) September 2024 have increased 40%
year-on-year. The strength of our balance sheet provides financial resilience
for the Group and allows us to build our business for the benefit of all our
stakeholders.

We have a solid pipeline of both public and private transactions in train
including a number of potential IPOs and ongoing public M&A activity.  We
have increased our share in the public markets in terms of the number of AIM
clients (rank 1st) and by adding clients on the Official List to meet our
ambition of increasing the average market capitalisation of our client base.

Outlook

The uncertainty over the impact of the upcoming Budget has been well
publicised and together with our peers, we have made the compelling argument
that there needs to be more incentive for investment in small and medium-sized
UK companies, not less.

We have been working with our clients to plan for any adjustments which could
be needed.  Despite this short-term uncertainty, we remain focussed on our
core objective which is to build on the strong foundations we have already
established to develop Cavendish into the leading full-service Investment Bank
for growth companies.

Contacts

Cavendish (Management)
 
                Tel: +44 (0) 20 7220 0500

Julian Morse, Co-Chief Executive Officer
                  investor.relations@cavendish.com

John Farrugia, Co-Chief Executive
Officer

Ben Procter, Chief Financial Officer

 

Spark Advisory Partners (Nominated Adviser)
         Tel: +44 (0) 203 368 3550

Matt Davis/Adam Dawes

 

Cavendish
(Broker)
                Tel: +44 (0) 20 7220 0500

Tim Redfern

 

Hudson Sandler (PR adviser)
                            Tel: +44 (0) 20 7796 4133

Dan de Belder/Rebekah Chapman

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain. 

* Including the result of Cavendish Securities plc (formerly Cenkos Securities
plc) in the comparative 6 months.

 

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