FinnCap profits to slip despite rising revenues
Cavendish Financial
10.60p
08:50 26/04/24
Financial services group FinnCap said on Tuesday that it expects a slight drop in half-year profits despite marked revenue growth as it continues to operate in "challenging" market conditions.
Financial Services
13,951.52
09:25 26/04/24
FTSE AIM All-Share
755.81
09:25 26/04/24
In an update for the six months to 30 September, FinnCap said it expects to report a 56% uptick in revenues to £14.2m but pre-tax profits are expected to drop 7.1% to £1.3m due to the current political backdrop and tough market conditions.
The company said this was a good performance given the current trading environment, which leaves it well-positioned to meet full-year expectations.
Chief executive Sam Smith said: "Given the difficult market backdrop, I am pleased with our strong overall performance and am excited about our continuing evolution to a professional services group for growth companies.
"Despite the challenging market conditions, we have signed up 12 new retained corporate clients and 17 new sell-side mandates in the first half and have a strong pipeline for the second half."
As of 0850 BST, FinnCap shares were untraded at 25.50p.