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FinnCap signals positive second half
StockMarketWire.com
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Following a 'robust' first half of the financial year, FinnCap Group has said it is likely to trade materially ahead of expectations in the second half.
The capital markets business recorded its highest level of quarterly deal fees in Q3 and continued to enjoy good growth in year-on-year sales and trading revenue.
The M&A team in Cavendish has delivered a strong performance to date in Q4 with the successful closure of a number of deals before the announcement of the UK Budget.
As a result, the board now expects total income for the current financial year to be in excess of £43m, approximately 65% up on FY20, and that the group's profits and year-end cash balance will accordingly be well ahead of the Board's expectations at the time of the announcement of the interim results to September 30, 2020.
Sam Smith, CEO, said: 'After a strong performance in H1, it has been great to see the whole business continue to deliver for our clients and stakeholders. In line with our strategy, we have continued to invest in the business in H2 with further hires into deal origination and into our ECM business, in particular into sales and trading, which has already been a key contributor to our performance this year. Our pipeline remains good, with deals still too close for FY21 and I look forward to announcing our results in July.'
At 2:28pm: (LON:FCAP) share price was 0p at 19.5p
Story provided by StockMarketWire.com
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