Trading Update

RNS Number : 0619P

finnCap Group PLC

08 October 2019

 

finnCap Group plc ("finnCap")

Trading Update

finnCap Group plc ("finnCap"), the financial services group focussed on growth companies, today issues a trading update in respect of the 6 month period ended 30 September 2019.

The board of finnCap ("the Board") is pleased to announce that it expects to report revenues for the six months ended 30 September 2019 of approximately £14.2m (5 months ended 30 September 2018: £9.1m), and pre-tax profits of not less than £1.3m (5 months ended 30 September 2018: £1.4m). The political backdrop and challenging market conditions have been widely detailed and in light of these, the Board considers this to be a good performance that leaves the Group well positioned to meet its full year expectations.

The Board is pleased with the growing evidence that the combination of the businesses and international reach through Oaklins is providing additional opportunities to the combined Group. Specific further evidence of this includes a mandate introduced to finnCap from the Australian member firm of Oaklins, a new mandate to source debt for a quoted plc that is not an existing client of finnCap, sell side opportunities for Cavendish Corporate Finance from existing clients of finnCap, and for the Group from a number of dual track sales/IPOs.

Other highlights include:

·   Won 12 new retained corporate clients, with 127 retained clients at the date of this statement

·    Completed 8 sale mandates, for a variety of owner-managed businesses and subsidiaries of public companies. 

·     Signed up 17 new sell side mandates

·    Executed or are mandated on 8 plc bid or advisory mandates for clients outside of our retained client base

Sam Smith, Chief Executive Officer, said:  

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. The Group is focused on maintaining a strong financial performance and continuing to expand its range of services to successful and growing businesses.

Contacts

finnCap Group plc                                                                      Tel: [phone]

Sam Smith, Chief Executive Officer                                         [e-mail]

Tom Hayward, Chief Financial Officer

Grant Thornton (Nominated Adviser)                                    Tel: [phone]

Philip Secrett/Samantha Harrison/Seamus Fricker

finnCap Limited (Broker)                                                            Tel: [phone]

Rhys Williams / Tim Redfern

Sapience Communications (PR adviser to the Group)         Tel: [phone]

Richard Morgan Evans

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Notes to Editors

About finnCap Group

finnCap Group plc provides financial services to ambitious growth companies. It provides advisory and research services to over 127 companies on AIM and on the London Stock Exchange Main Board as well as trading services to a broad range of institutional investors. It also advises on specialist M&A, debt advisory and private company fundraisings with a specialism in sell-side M&A. Together, finnCap and its subsidiaries have helped raise £3bn of new capital to support its clients and advised on the sale of over 600 companies.

About Oaklins

Oaklins is a global advisory organisation of which Cavendish Corporate Finance is a member, providing M&A, growth equity and ECM, debt advisory and corporate finance advisory services, with dedicated experts covering 15 industries in 40 countries.

 

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