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23 Sep 2021 07:00
23 September 2021
finnCap Group PLC
AGM Trading Statement
finnCap Group PLC ("finnCap" or the "Company") provides the following update on current trading in advance of its Annual General Meeting ("AGM") to be held later today.
In July, we reported that Q1 revenue was ahead of the prior year with a strong pipeline and balance sheet and that the directors expected revenue to be between £40m and £50m for FY22.
Trading since then has been strong and our overall revenue trend is currently slightly above the top end of these full year revenue expectations with significant, incremental M&A deals with the potential to close before the end of the half year.
In finnCap Capital Markets, although our equity capital markets activity is a little lower than in H1 21, we have completed a significant number of equity transactions as institutions continue to support strong business cases and we have seen a good contribution from both debt advisory and the initial launch of finnCap Analytics.
finnCap Cavendish has benefited from the continued and vigorous M&A market we saw towards the end of FY21 and its performance is well ahead of the same period last year.
Our cash position has further improved and is ahead of our position at Q1 (£17.2m), after payment of our £1.65m dividend to shareholders in August.
Our pipeline remains solid and we are confident that this, combined with our performance to date, underpins our confidence in delivering a result within our full year expected revenue range.
Sam Smith, Chief Executive Officer, said:
"Our second quarter has been strong, with significant activity in our equities business and a continuation of the robust M&A performance both in private and public markets as we saw towards the end of our last financial year.
Our balance sheet strength is enabling us to invest in our business - to drive our strategy of product diversification and profitable revenue growth even if conditions become more volatile, whilst at the same time securing our attractive dividend for shareholders - a key part of our investment proposition. If our current performance continues, we expect our cash position to improve further, underpinning our commitment to pay dividends of at least 1.6p per share for the current financial year.
We will update the market on our final outcome for H1 revenue in early October, in advance of our interim results towards the end of November."
Contacts:
finnCap Group PLC Tel: +44 (0) 207 220 0500
Sam Smith, Chief Executive Officer
Richard Snow, Chief Financial Officer
Grant Thornton (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Philip Secrett/Samantha Harrison/George Grainger
Oberon Capital (Joint Broker) Tel: +44 (0) 20 3179 5344
Mike Seabrook
finnCap Limited (Joint Broker) Tel: +44 (0) 20 7220 0500
Rhys Williams/Tim Redfern
Hudson Sandler (PR adviser) Tel: +44 (0) 20 7796 4133
Dan de Belder/Rebekah Chapman
END
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