finnCap Group PLC - London-based stockbroker - Swings to pretax loss at year ended March 31 of GBP6.3 million, from profit of GBP8.1 million, which it says was caused by its restructuring programme and high fixed operating costs. Revenue falls 37% to GBP39.2 million from GBP52.5 million. Declares no dividend for financial 2023, down from a total dividend of 1.75 pence per share. Says it has a strong pipeline of potential transactions.
Chief Executive Officer John Farrugia said: "We have re-focused our strategy, reduced our fixed cost base and successfully launched a highly attractive merger as a first mover in a consolidating sector. Financial 2023 was challenging in particular in equity capital markets where market conditions limited corporate activity and investor appetite."
Current stock price: 8.00 pence, up 4.5% on Thursday
12-month change: down 55%
By Will Neill, Alliance News reporter
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