Cavendish Plc Share News (CAV)

(Alliance News) - Cavendish PLC on Thursday reported increases in revenue and profit for the first half of its financial year, with the investment bank "optimistic" about its outlook.

The London-based investment bank said revenue rose 2.9% to GBP28.5 million for the six months ended September 30, from GBP27.7 million a year earlier.

Pretax profit surged to GBP1.1 million from GBP52,000, driven by the revenue rise.

Supporting the bottom line, it swung to operating income of GBP99,000 from an expense of GBP87,000, and saw a slight decrease in administrative expenses to GBP27.55 million from GBP27.58 million.

Cavendish said it completed more than 30 transactions with a value of GBP1.1 billion in this period, which the company said underpinned its revenue stream.

The company said it recorded a "notable improvement" in revenue from market making and agency commission, compared with the previous period driven by "disciplined execution and more buoyant markets".

Describing its outlook, Cavendish said it made a "solid start" to the second half of the year, remaining "optimistic about the outlook" as it noted a pipeline of public and private transactions including potential initial public offerings and ongoing mergers and acquisition activity.

The company said uncertainty linked to the "delayed budget continues to weigh heavily on business confidence"

Cavendish maintained its interim dividend at 0.3 pence per share.

Co-Chief Executive Officers Julian Morse and John Farrugia said: "We delivered a profitable first half across both public and private markets, highlighting the broad appeal of our services and the efficiency of our platform. Our pipeline remains strong, with a mix of public and private transactions underway, including several potential IPOs.

"While overall client numbers declined due to market exits, we continue to hold our market-leading position as the adviser to the largest number of AIM-quoted companies, including the addition of eight new clients across AIM and the Main Market through a combination of IPOs and competitive wins.

"At the same time, we are expanding our regional footprint in the UK, and our international reach, supported by our membership of the Oaklins network, remains a clear competitive advantage."

Shares in Cavendish fell 0.4% to 10.21 pence on Thursday afternoon in London.

By Roya Shahidi, Alliance News reporter

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