finnCap Group PLC AGM Trading Statement (5059Z)
21 September 2020 - 4:00PM
UK Regulatory
TIDMFCAP
RNS Number : 5059Z
finnCap Group PLC
21 September 2020
Date: 21 September 2020
finnCap Group PLC
AGM Trading Statement
finnCap Group PLC ("finnCap" or the "Company") provides the
following update on current trading in advance of its Annual
General Meeting ("AGM") to be held later today.
With our preliminary results in July, we reported record Q1
results, a strong pipeline for Q2 and a substantial increase in the
group's cash resources. Q2's pipeline has been executed with a
significant contribution from the equity capital markets team,
where significant corporate fundraising continued.
As a result, we expect to report Group revenue for the six
months ending 30 September 2020 of not less than GBP19.5m, up c.37
per cent. on last year (H120: GBP14.2m). Given the level of
operational gearing in the business there will be a significant
uplift in profitability on the prior period. Costs have remained
under control and our cash position has further improved. At the
close of business on 18 September 2020, net cash was GBP12.4m(1)
.
Although trading for the last few months has been exceptionally
strong, we remain mindful of the overall social and economic
backdrop to the current operating environment. However, our
pipeline for Q3 2021 is good and this gives us confidence that we
will deliver a satisfactory result for the full year.
As the result of our trading performance and strengthened
balance sheet, we expect to return to dividend payments with our
interim results which are expected to be released in November.
Sam Smith, CEO said:
"Although the external environment has been dominated by
COVID-19 and its economic and social impact, our second quarter has
been strong, with continued equity issuances by clients to support
COVID-19 related activities, to support balance sheets and to raise
funds to develop strong business cases including one of the only
IPOs to take place during lock down. The M&A market is quiet
but the team still closed a number of transactions and continued to
win new mandates for H2.
In September we started working from our new office at One
Bartholomew Close bringing together the finnCap and Cavendish teams
in a single location. This required significant capital investment
however, our performance in H1 means that our cash resources are
higher now than in June.
We are in a good position to help our clients meet and respond
to the economic challenges of the months ahead."
(1) Cash at 18 September excludes GBP0.9m due to HMRC under
COVID-19 arrangements repayable over the next 6-9 months.
Contacts:
finnCap Group PLC Tel: +44 (0) 207 220 0500
Sam Smith, Chief Executive Officer
Richard Snow, Chief Financial Officer
Grant Thornton (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Philip Secrett/Samantha Harrison/Seamus Fricker
finnCap Limited (Broker) Tel: +44 (0) 20 7220 0500
Rhys Williams
Sapience Communications (PR adviser to the Group) Tel: +44 (0)
20 3195 3240
Richard Morgan Evans
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
AGMPPUCWBUPUGBU
(END) Dow Jones Newswires
September 21, 2020 02:00 ET (06:00 GMT)
Finncap (LSE:FCAP)
Historical Stock Chart
From Apr 2024 to May 2024
Finncap (LSE:FCAP)
Historical Stock Chart
From May 2023 to May 2024