finnCap Group PLC – Trading Update
finnCap Group plc (AIM: FCAP) provides the following trading update for the 11 month period ending 31st March 2019.
The Directors expect to report a trading performance for the 11 month period to 31 March 2019 slightly ahead of management’s expectations when the Company’s AIM Admission Document was published on 29 November 2018. The performance of Cavendish in the post-acquisition period has been good with trading consistent with its financial year ended 31 March 2018 and finnCap Limited (“finnCap”) has had a strong final quarter. Overall the Group has performed well despite the recent uncertain political and economic climate.
There are already good indications of the benefits of combining finnCap and Cavendish. In March 2019, the Group successfully completed its first buy side advisory deal on behalf of a private equity house. The Group has also recently provided debt advisory services to an existing listed client of finnCap to support an acquisition and several sell side opportunities have been introduced to Cavendish through finnCap’s existing network.
The Board remains confident in the execution of its strategy to deliver a broad range of financial services to ambitious companies, both public and private. Whilst the political climate remains uncertain the Group maintains a healthy pipeline of transactions across its services and is therefore confident about the current outlook.
The Company’s audited financial results for the 11 months ended 31 March 2019 are expected to be announced at the start of July 2019, and a further trading update will be made at that time.
Sam Smith, CEO of the Group, said: “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 per cent. of revenue.
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.”