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21 Sep 2020 | 07:59

FinnCap interim revenues surge, profitability improves

(Sharecast News) - Investment bank FinnCap said on Monday that interim revenues had shot up year-on-year. FinnCap said its strong second-quarter pipeline had been executed with "a significant contribution" from the group's equity capital markets team, where solid corporate fundraising continued.

The AIM-listed group now anticipates reporting revenue for the six months ending 30 September of at least £19.5m - up around 37% on the prior year.

Given the level of operational gearing in the business, FinnCap also expects to report "a significant uplift in profitability" on the prior period.

Although FinnCap said recent trading had been "exceptionally strong" and stated that it was "confident" of delivering a "satisfactory" full-year result, the firm also said it was mindful of the "overall social and economic backdrop" to its current operating environment.

Chief executive Sam Smith 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 lockdown."

As of 1345 BST, FinnCap shares were up 4.35% at 24.0p.
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