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finnCap Group PLC - London-based stockbroker - Says trading since the end of its financial year at March 31 has been in line with expectations. Says revenue in the period to August 31 was roughly 30% lower than in the comparable period a year before. Attributes this to muted investor confidence, reduced equity capital markets activity, and tightening debt market conditions.
Expects a ‘somewhat better’ revenue performance in the second half than in the first half of the current financial year, based on a good pipeline of work across divisions, especially in mergers & acquisitions. Anticipates a modest recovery in equity capital markets. Cash stands at £13.1 million as at August 31, in line with finnCap's expectations.
Current stock price: 16.77 pence, down 4.8% on Thursday
12-month change: down 49%
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