CAV.L

Cavendish Financial plc
Cavendish Financial - Trading Update
4th April 2024, 06:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 2115J
Cavendish Financial PLC
04 April 2024
 

                                                                                                                                    4 April 2024

Cavendish Financial plc ("Cavendish")

Trading update(1) - strong post-merger performance

Cavendish (LON: CAV), a leading UK mid-market investment bank, today issues a trading update for the year ended 31 March 2024.

Financial performance(1)

In H2, we saw significant growth with revenues expected to be approximately £34.5m, c.77% up on pro forma H1 revenue of £19.5m.   As a result, statutory revenue for the full year is expected to be approximately £47.5m (FY23: £32.9m) up c.44%.  On a full year pro forma basis revenue is expected to be c.£54m (FY23 pro forma: £50.5m).

The newly merged team delivered an H2 performance well ahead of H1 as we completed multiple deals for our clients, across all parts of our business and strengthened our balance sheet further.  As at 31 March 2024, cash was approximately £20.8m, up from c.£12.3m at our half year.

Having locked in annualised synergies of £7m, we continue to deliver further savings from the merger and the run rate cost base of the merged group has been substantially reduced giving us greater resilience and better operating leverage.

Outlook

Whilst the interest rate cycle appears to have peaked, conditions continue to impact demand for UK equities, making deal execution in ECM challenging across all market participants.  However, private and public M&A has remained buoyant in H2 and our pipeline across both ECM and M&A remains good.

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Cavendish's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

CONTACTS

Cavendish (Management)                                                                                       Tel: +44 (0) 207 220 0500

Julian Morse, Co-Chief Executive Officer

John Farrugia, Co-Chief Executive Officer

Ben Procter, Chief Financial Officer

Grant Thornton (Nominated Adviser)                                                                   Tel: +44 (0) 207 383 5100

Philip Secrett/Samantha Harrison

Cavendish (Broker)                                                                                                  Tel: +44 (0) 207 220 0500

Tim Redfern

Hudson Sandler (PR)                                                                                               Tel: +44 (0) 20 7796 4133

Dan de Belder/Rebekah Chapman

(1)    References to unaudited pro forma revenues reflect the addition of the unaudited consolidated revenue of finnCap Group plc and the unaudited consolidated revenue of Cenkos Securities plc for the relevant period as if they were consolidated fully for that period.  Pro forma information is a non-GAAP measure and is provided to assist with a better understanding of Cavendish's performance.

 

END

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTSSMFLDELSELL]]>
TwitterFacebookLinkedIn