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 30th 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 30th
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.
