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FinnCap sees improvement in performance in Q1 as deal activity returns

By BFN News | 09:41 AM | Tuesday 07 July, 2020


Financial services company finnCap said it had seen an improvement in deal activity in the first quarter, helping to steady performance following weaker annual results. First-quarter 2021 revenue rose to £9.8m from £6.5m, including £6.5m of advisory fees, up from £4.3m. That marked improved from the weaker annual performance seen in the year through March. For the year ended 31 March 2020, pre-tax profit fell to £1.18m from £3.2m on-year, while total income rose to £28.9m from £24.5m. 'The financial year was dominated by the uncertain political and economic backdrop which is reflected in our results,' the company said. 'Equity issuance levels reached a multi-year low and M&A deal cycles lengthened considerably during the latter half of the year,' it added. 'The overall outlook for the global economy and the effects of COVID-19 remain uncertain and we must continue to be cautious about the overall prospects for the current financial year. In the shorter term, our pipeline of deals for the first half remains good and we will continue to deliver on our strategy for growth,' FinnCap said. At 9:41am: (LON:FCAP) share price was +2p at 23p Story provided by StockMarketWire.com

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