We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Finncap Group Plc | LSE:FCAP | London | Ordinary Share | GB00BGKPX309 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.90 | 7.80 | 8.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMFCAP
RNS Number : 0208M
finnCap Group PLC
03 January 2019
finnCap Group plc
("finnCap" or the "Company" or the "Group")
Unaudited results for the six months ended 31(st) October 2018 (the "Interim Period")
finnCap Group plc (AIM: FCAP.L) today announces the unaudited results for finnCap Ltd for the six months ended 31(st) October 2018. finnCap Group plc is the holding company that acquired finnCap Ltd for shares on 22(nd) November 2018 (after the end of the Interim Period), and is reporting the results of finnCap Ltd for the Interim Period as this was the operating entity that is deemed to have been commonly controlled throughout the period. Subsequent to the period end, the Company acquired Cavendish Corporate Finance LLP and Cavendish Corporate Finance (UK) Ltd (together "Cavendish"), a leading mid-market sell-side M&A advisor, and was admitted to trading on AIM on 5(th) December 2018. As the acquisition of Cavendish occurred after the end of the Interim Period, the financial statements do not include the results of Cavendish, which results are expected to constitute a material component of the Group's performance in the second half of the year and thereafter. Further details on Cavendish's performance are given below in the Chief Executive's Statement.
Financial highlights:
-- Revenue: GBP11.7m (2017: GBP13.1m) in line with management's expectations -- Profit before tax: GBP2.1m (2017: GBP2.7m)
-- Dividend: GBP1.18m paid in June 2018 (2017: GBP800k) and a further GBP225k paid as an interim after the period end (2017: GBP255k); the intention is to declare a small dividend in January 2019, subject to the necessary court approval for a capital reorganisation
Commenting, CEO Sam Smith said:
"This has been an incredibly exciting time for finnCap - we performed strongly in the period, acquired Cavendish to enable us to offer a broader range of services to a larger number of companies both public and private, and joined our 125 public market clients by listing on AIM. We are now exceptionally well positioned to advise ambitious growth companies on all of the major forms of financing, including debt, venture capital, IPOs, subsequent public offerings, as well as offering sell-side M&A, exit planning, bid defence and PLC regulatory advice. There are very few other firms that can offer such a wide range of services to our target client base, and we are very excited about the potential for our business."
Chief Executive's Statement
In the Interim Period, finnCap generated a pre-tax profit of GBP2.1m, from revenues of GBP11.7m. This is in line with management's expectations, and compares to our performance for the year to 30th April 2018 of pre-tax profit of GBP3.1m, from revenues of GBP22.1m, which was itself finnCap's most profitable year to date. The reduction in revenue compared to the same period in the prior year related to the timing of one large corporate fee and a reduction in secondary commission. The reduction in secondary commission was expected and finnCap had accordingly reduced its cost base. Retainers, trading commissions and deal fees have all been in line with the Directors' expectations.
This strong performance was the result of our continued focus on providing our clients with the advice to promote their investment case to the right audience, combined with the ability to access capital from a wide range of institutions and investors. We have also continued to ensure that we are capable of strong trade execution on behalf of our institutional clients.
In December 2018, finnCap acquired Cavendish Corporate Finance, a leading sell-side M&A advisor to mid-market companies, and the enlarged group was admitted to trading on AIM on 5(th) December 2018. The directors see material opportunities for both sides of the business from their combination.
The acquisition materially expands the services that both finnCap and Cavendish can provide to their respective clients, and enables the combined group to advise on a wider range of financing options for both public and private companies. As the acquisition was after the end of the Interim Period, there is no recognition in these results of Cavendish's performance. Cavendish performed strongly in the first half of its financial year, and its unaudited management accounts show turnover was GBP9.4m for the 6 months to 30th September 2018. This performance almost matched its revenues for the full year performance to 31st March 2018 of GBP10.2m, on which it generated pre-tax profits of GBP1.84m.
The Board remains optimistic about the Group's prospects despite the current uncertain economic and political climate. As stated in the Admission Document, the Board's current intention is to declare a small dividend in January 2019, subject to the necessary court approval for a capital reorganisation. Additionally, the Board intends to declare a further dividend alongside its final results which it expects to announce in June 2019.
Sam Smith
Chief Executive Officer
2(nd) January 2019
CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31(st) October 2018
Hot Features
Premium
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 11,750 13,129 22,137
Other operating income 3 5 18
----------- ----------- ---------
Total income 11,753 13,134 22,155
Administrative expenses (9,714) (10,432) (19,137)
-----------
Operating profit 2,039 2,702 3,018
Finance income 15 18 32
-----------
Profit before tax 2,054 2,720 3,050
----------- ----------- ---------
Taxation (387) (548) (615)
-----------
Profit after tax 1,667 2,172 2,435
Dividends (1,181) (800) (1,056)
----------- ----------- ---------
Retained profits 486 1,372 1,380
=========== =========== =========
CONSOLIDATED CONDENSED STATEMENT OF FINANCIAL POSITION
At 31(st) October 2018
At At At
31 October 31 October 30 April
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 457 523 445
Intangible assets 122 74 121
Financial assets held at
fair value through profit
and loss 388 280 388
967 878 954
----------- ----------- ---------
CURRENT ASSETS
Trade and other receivables 8,204 5,982 9,242
Current asset investments
held at fair value through
the profit and loss 1,464 774 646
Cash and cash equivalents 4,663 4,832 4,521
14,330 11,588 14,410
----------- ----------- ---------
TOTAL ASSETS 15,296 12,466 15,364
=========== =========== =========
EQUITY AND LIABILITIES
Share capital 1,184 1,180 1,180
Share premium 785 768 768
Capital redemption reserve 452 452 452
Own shares held (1,937) (289) (676)
Employee Benefit Trust reserve (69) (54) (54)
Share based payments reserve 299 211 247
Retained Earnings 5,898 5,380 5,419
TOTAL EQUITY 6,612 7,647 7,335
----------- ----------- ---------
NON-CURRENT LIABILITIES
Provisions 74 141 74
Deferred tax liability 0 16 0
74 158 74
----------- ----------- ---------
CURRENT LIABILITIES
Taxation payable 941 1,121 859
Trade payables 839 901 947
Other payables 6,829 2,639 6,149
8,610 4,661 7,955
----------- ----------- ---------
TOTAL LIABILITIES 8,684 4,819 8,029
----------- ----------- ---------
TOTAL EQUITY AND LIABILITIES 15,296 12,466 15,364
=========== =========== =========
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
For the period ended 31(st) October 2018
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000 GBP'000
Cashflows from operating activities:
Profit before taxation 2,054 2,720 3,050
Adjustments for:
Depreciation 110 111 221
Amortisation of intangible assets 19 13 30
Finance income (15) (18) (32)
Share based payments charge 52 44 85
Net fair value gains recognised
in profit or loss (21) (18) (142)
Payments received of non-cash
assets - (100) (161)
2,199 2,752 3,051
Changes in working capital:
Decrease / (increase) in trade
and other receivables 1,018 869 (2,366)
(Decrease) / increase in trade
and other payables 671 (2,355) 1,171
(Decrease) / increase in provisions 0 0 (67)
Cash generated from operations 3,888 1,266 1,788
Net cash payments for current
asset investments
held at fair value through profit
or loss (797) (475) (328)
Corporation tax paid (403) (322) (637)
Net cash inflow from operating
activities 2,689 470 824
----------- ----------- ---------
Cash flows from investing activities
Purchase of property, plant and
equipment (122) (79) (111)
Purchase of intangible assets (19) (21) (85)
Proceeds on sale of investments - 129 188
Interest received 15 18 32
Net cash (outflow)/inflow from
investing activities (126) 47 24
----------- ----------- ---------
Cash flows from financing activities
Purchase of own shares by Employee
Benefit Trust (1,261) (193) (580)
Equity dividends paid (1,181) (796) (1,051)
Proceeds from exercise of options 21 25 25
Net cash outflow from financing
activities (2,421) (964) (1,606)
----------- ----------- ---------
Net increase/(decrease) in cash
and cash equivalents 141 (447) (758)
Cash and cash equivalents at beginning
of year 4,521 5,279 5,279
Cash and cash equivalents at end
of year 4,663 4,832 4,521
----------- ----------- ---------
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
1. Basis of preparation
As permitted under AIM listing rules, IAS 34, "Interim Financial Reporting" has not been applied in this interim report.
The financial information presented in this report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the period ending 31 March 2019.
These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards and Interpretations (collectively IFRS) issued by the International Accounting Standards Board as endorsed for use in the European Union.
The company has adopted the following new standards and interpretations in the historical financial information:
-- IFRS 15 - Revenue from Contracts with Customers (effective 1 January 2018 and early adopted); and
-- IFRS 9 - Financial instruments (effective 1 January 2018 and early adopted).
The adoption of the above standards had no material impact on the results or financial position in any of the periods presented.
The financial information in this interim report does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006.
The Annual Report and Financial Statements for 2018 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statement for 2018 was unqualified, did not draw attention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006. The financial information for the periods ended 31(st) October 2017 and 31(st) October 2018 are unaudited and have not been reviewed by the Company's auditors.
Going concern
The financial statements of the Group have been prepared on a going concern basis as the Directors have satisfied themselves that, at the time of approving the financial statements and having taken into consideration the strength of the Group's statement of financial position and cash balances, the Group has adequate resources to continue trading for the foreseeable future.
2. Segmental analysis
The trading operations of finnCap comprise Corporate Advisory and Institutional Stockbroking. The Company's revenues are derived from activities conducted in the UK, although a number of its corporate clients and institutional investors are situated overseas. All of the assets of the company are located in the UK.
Analysis of revenue
All revenue has been generated from the UK.
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Income from trading activities 2,037 2,960 5,080
Corporate finance income 9,664 10,160 16,945
Other fees and commissions 49 9 112
11,750 13,129 22,137
=========== =========== =========
Six months Six months Year
ended ended ended
31 October 31 October 30 April
2018 2017 2018
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Fees generated from contracts
with customers 10,785 11,605 19,419
Income not generated
from contracts with customers 964 1,524 2,718
11,750 13,129 22,137
=========== =========== =========
3. Post balance sheet events
On 22(nd) November 2018, finnCap Ltd declared a dividend of GBP0.00207 per share, totalling GBP225,000.
On 22(nd) November 2018, finnCap Ltd was acquired in a share for share exchange by finnCap Group Limited. As a result, the economic and voting interests of the shareholders in finnCap Ltd were effectively migrated to finnCap Group Limited.
On 28(th) November 2018, finnCap Group Limited re-registered as a public limited company.
On 5(th) December 2018, finnCap Group plc was admitted to trading on AIM, and simultaneously acquired Cavendish Corporate Finance, a leading mid-market sell-side M&A advisor. As this acquisition completed after the end of the Interim Period, there is no recognition of the performance of Cavendish in these interim figures. However, details of Cavendish's performance are given above in the Chief Executive's Statement.
On 5(th) December 2018, finnCap Group plc shortened its current accounting period to end on 31(st) March 2018, which will be its Group reporting date going forward.
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.
END
IR ZMGGMFZNGLZZ
(END) Dow Jones Newswires
January 03, 2019 02:00 ET (07:00 GMT)
1 Year Finncap Chart |
1 Month Finncap Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
