LONDON (Alliance News) - Financial adviser and broker finnCap Group PLC said Tuesday its trading in the 11 months to March 31 has been "slightly ahead" of management expectations.
The company said the performance of Cavendish Corporate Finance LLP - an M&A advisor which finnCap acquired when listing on London's AIM market back in December - has been "consistent" with the year before. The company said the finnCap Ltd business had a "strong" final quarter.
Overall, finnCap, said its has performed "well despite the recent uncertain political and economic climate".
FinnCap had its initial public offering in early December last year. The IPO was conducted at 28 pence per share, giving the company a market capitalisation of GBP47.1 million at the time.
Shares in finnCap were down 0.4% on the day Thursday at 28.00 pence each.
"I am delighted by the outturn for the year against a difficult market backdrop. As a business we are focused on providing services to a broad range of ambitious companies and it is very pleasing to produce this trading performance from advising on over 70 transactions with no one client representing more than 5% of revenue," said Chief Executive Sam Smith. "We look forward to the current financial year and to providing the best client service whilst capitalising on the many opportunities that the combination of finnCap and Cavendish provides."
The company said it has "already seen good indications" from combining finnCap and Cavendish. In March, the combined company completed its first buy side advisory deal on behalf of a private equity house and recently provided debt advisory services to an existing listed client of finnCap.
The company said "several" sell-side opportunities have been introduced to Cavendish via finnCap's existing network.
FinnCap said it remains confident of its strategy, despite the political climate "remaining uncertain". The company "maintains a healthy pipeline of transactions across its services and is therefore confident about the current outlook".
FinnCap is expected to release its results for the 11 months to March 31 at the start of July.
