Peel Hunt Limited Half Year Trading Update (4489B)
October 03 2022 - 2:00AM
UK Regulatory
TIDMPEEL
RNS Number : 4489B
Peel Hunt Limited
03 October 2022
3 October 2022
Peel Hunt Limited
("Peel Hunt")
Half Year Trading Update: Difficult markets but positioned for
growth
Peel Hunt, a leading UK investment bank, today issues a trading
update in respect of the six-month period ended 30 September
2022.
During the first half, we have continued to invest in our
business and make significant progress against our strategic
priorities. This has been achieved against the backdrop of
historically low levels of capital markets activity persisting
market-wide throughout the period. Group revenue for the period is
expected to be approximately GBP40.5m as a result.
Progress across business divisions
In Investment Banking, we have continued to diversify our
business by building out both our Advisory and Private Capital
Markets capabilities. During the period we added 11 new retained
corporate clients (including 4 in the FTSE 350), more than
offsetting client losses in the period (including those resulting
from M&A). We now have a retained corporate client base of 164
companies with an average market capitalisation of approximately
GBP600m and spanning 10% of the FTSE 350 (35 FTSE 350 clients).
In Research and Distribution, demonstrating the quality of our
offering, we were named Best UK Small & Midcap Broker in
Institutional Investor's 2022 Europe Survey for the second year in
a row and our research team was voted the No1 UK Small & Midcap
Research team for the 6(th) consecutive year.
In Execution Services, we continue to open up incremental,
differentiated liquidity. Whilst trading volumes have remained much
lower across the market, particularly in small-cap and AIM, our
FTSE 350 and investment trusts trading books have performed in line
with expectations.
Continued technology investment
Our investment in proprietary technology remains a key strategic
focus and differentiator. In particular, our REX technology
platform, which facilitates access to primary capital markets
transactions for retail investors, continues to make good progress.
REX is now being engaged by other investment banks on their capital
markets fundraisings following a number of instructions to act on
non-Peel Hunt transactions. REX is well placed to benefit from the
findings of the Government's Secondary Capital Raising Review that
was published during the period, and which recommends that issuers
include existing retail shareholders in all capital raises. To
support the next stage of its growth, we are actively engaged in
establishing REX as a standalone business independent of Peel
Hunt.
International expansion
We remain on track to launch Peel Hunt Europe towards the end of
this financial year, with good progress ongoing with the Danish
Financial Supervisory Authority in relation to our proposal to open
an EU-wide platform based in Copenhagen. In addition, recognising
its strategic importance, we have continued to strengthen our North
American distribution capability with a number of key hires.
Outlook
As we head into our second half, the outlook for capital markets
remains uncertain. Adverse geopolitical and macro-economic factors
have continued to negatively impact markets. More recently,
tightening of monetary policy and Government fiscal stimulus have
further destabilised markets.
Notwithstanding this backdrop, we enter this period with a
robust balance sheet and a strong regulatory capital position .
When market activity levels normalise, we are well positioned for
growth, taking advantage of our expanded footprint and the
considerable operational leverage that we have built into the
business.
Peel Hunt will announce half year results for the six month
period ended 30 September 2022 on 1 December 2022.
For further information, please contact:
Peel Hunt via MHP
Steven Fine, CEO
Sunil Dhall, CFOO
MHP (Financial PR) +44 (0)20 3128 8540
peelhunt@mhpc.com
Andrew Jaques
Charlie Barker
Robert Collett-Creedy
Grant Thornton UK LLP (Nominated
Adviser) +44 (0)20 7728 2942
Colin Aaronson
Daphne Zhang
Sam Littler
Keefe, Bruyette & Woods (Corporate
Broker) +44 (0) 207 710 7600
Alistair McKay
Alberto Moreno Blasco
Fred Walsh
Dennis Towers
Notes to editors
Peel Hunt is a leading specialist in UK Investment Banking,
ranked number one broker for UK mid- and small-cap companies in
Institutional Investor's 2022 Survey. Our purpose is to nurture and
guide people through the evolution of business. We achieve this
through a proven, joined-up approach that consistently delivers
value to UK corporates, global institutions and trading
counterparties alike.
We have 164 corporate clients (including 35 in the FTSE 350),
with an average market capitalisation of approximately GBP600m. Our
award-winning research is distributed to over 1,235 institutions
across the UK, Europe and US. Our trading platform makes markets in
over 10,000 instruments on over 45 markets and is an increasingly
important provider of trade execution services to UK retail
platforms and brokers.
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END
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