2026 Interim Results
Summary by AI BETAClose X
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with Cavendish's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
30 October 2025
Cavendish plc
("Cavendish" and together with its subsidiary undertakings, the "Group")
2026 Interim Results
Cavendish plc (AIM: CAV), a leading UK investment bank and trusted adviser to both public and private companies, today announces unaudited interim results for the six-month period ended 30 September 2025.
H1'26 FINANCIAL HIGHLIGHTS
o Revenues of £28.5m (H1'25: £27.7m)
o Adjusted profit before tax* of £2.0m (H1'25: £1.9m) delivers an improved profit margin of 7.0%
o Cash balances at 30 September 2025 of £19.8m, an increase of 15% vs the same date last year (H1'25: £17.2m)
o Interim dividend of 0.3p per share (H1'25: 0.3p), commensurate with performance during the period and confidence in performance for the full year
o Adjusted Earnings per Share*: 0.4p (H1'25: 0.4p)
H1'26 OPERATIONAL HIGHLIGHTS
o More than 30 transactions executed during the period, with a value of £1.1 billion
o Continued investment in Group talent with select and strategically aligned hires
o Non-employee costs reduced by 9% to £7.0m during the period (H1'25: £7.7m) reflecting continued Group efficiencies and investments in AI capabilities
* Adjusted profit before tax is prior to share-based payments, share of associate profits and fair value gains and losses on long term investments.
JULIAN MORSE AND JOHN FARRUGIA, CO-CHIEF EXECUTIVE OFFICERS OF CAVENDISH, COMMENTED:
"We delivered a profitable first half across both public and private markets, highlighting the broad appeal of our services and the efficiency of our platform. Our pipeline remains strong, with a mix of public and private transactions underway, including several potential IPOs.
While overall client numbers declined due to market exits, we continue to hold our market-leading position as the adviser to the largest number of AIM-quoted companies, including the addition of eight new clients across AIM and the Main Market through a combination of IPOs and competitive wins. At the same time, we are expanding our regional footprint in the UK, and our international reach, supported by our membership of the Oaklins network, remains a clear competitive advantage.
Our work spans the full company life cycle, advising and supporting small and mid-sized businesses at every stage of their growth. Thanks to the breadth of our capabilities, we can offer one of the most comprehensive ranges of solutions in the market, enabling us to deliver tailored outcomes for each client."
CAPITAL STRENGTH
The Group continues to have surplus capital and a strong liquidity position - cash balance of £19.8m at 30 September 2025, reflecting careful cash-flow management and operational efficiency. This provides the flexibility to adapt to changing market conditions and to invest in opportunities that align with our growth objectives.
INTERIM DIVIDEND
The Board has declared an interim dividend of 0.3p per share in respect of the six months ended 30 September 2025 (the "Interim Dividend") (interim dividend 0.3p in FY'25). The Interim Dividend will be paid on 10 December 2025 to shareholders registered on the record date of 21 November 2025, reflecting Cavendish's commitment to returning value to shareholders.
OUTLOOK
We have made a solid start to the second half, with a pipeline of both public and private transactions including potential IPOs and ongoing M&A activity. We remain optimistic about the outlook, supported by continued client wins and growing demand for IPOs as companies look to access the UK markets.
There are encouraging indications that sentiment toward UK equities may be gradually improving. During the period, the FTSE 100 reached record highs, and since the reversal of the 'Trump tariffs,' the UK has ranked among the best performing global equity markets. We are also seeing anecdotal evidence of increased allocations from global investors into the UK, initially directed toward the largest and most liquid companies. However, this trend has yet to extend meaningfully to small and mid-cap equities, where valuations remain highly attractive in the context of long-term trends.
In the near term, fiscal uncertainty linked to the delayed Budget continues to weigh heavily on business confidence. Nonetheless, once this overhang clears and particularly if inflation moderates, there is potential for a strong finish to the financial year.
BUSINESS REVIEW
Revenue from public and private market transactions continued to be well diversified. Transaction fees from equity issuance and sell-side private M&A continued to underpin this significant revenue stream, with the size of public market deals varying throughout the period as the market became increasingly volatile following the introduction of the 'Trump tariffs'.
The Group recorded a notable improvement in revenue from market making and agency commission, compared with the previous period driven by disciplined execution and more buoyant markets.
MARKET CONDITIONS
The FTSE AIM All-Share rose approximately 14% in the period, driven by a strong second quarter as smaller companies benefited from renewed investor appetite, selective corporate activity, and the Bank of England's August rate cut, although elevated gilt yields later moderated gains.
Investment company shares continued to trade on wide average discounts, with some modest narrowing supported by buybacks, mergers, and sector-specific corporate actions. Renewable infrastructure funds remained weak despite high yields, while broader sentiment stabilised.
In private markets, M&A activity strengthened modestly as attractive UK valuations and easing financing conditions encouraged selective trade and private equity participation.
EXPANSION
Towards the end of the prior year, Cavendish expanded into the Regions with offices opened in Manchester and Birmingham, partnering with industry experts to bring in local contacts and expand the clientele. During H1'26, the new team completed their first transaction and have numerous others in the pipeline for the future, with nine staff now employed across the two offices.
INVESTMENT BANKING REVENUE
Investment Banking revenue comprises recurring retainer income from corporate clients and advisory fees earned from ECM, M&A, Debt, and Private placings.
Revenue decreased slightly versus the same period last year, due to a lower volume of equity issuance and a small reduction in average deal fees in private sales. Income from retainers declined in line with the net reduction in quoted clients in the period.
|
|
6 months ended |
6 months ended |
|
|
30 Sep 2025 |
30 Sep 2024 |
|
|
Unaudited |
Unaudited |
|
|
£'000 |
£'000 |
|
Retainers |
5,276 |
5,956 |
|
Transactions |
18,244 |
18,931 |
|
Investment Banking |
23,520 |
24,887 |
EQUITIES REVENUE
Market making profit and agency commission were materially ahead (+78%) of the same period last year. This reflects better market conditions coupled with the strength of our experienced team and disciplined capital management.
|
|
6 months ended |
6 months ended |
|
|
30 Sep 2025 |
30 Sep 2024 |
|
|
Unaudited |
Unaudited |
|
|
£'000 |
£'000 |
|
Equities |
5,008 |
2,820 |
OPERATING EXPENSES
Non-employee costs reduced by 9% compared with the same period last year through a combination of supplier contract review and renewal and a continued focus on process automation.
Employee costs increased 7% compared with the same period last year driven by the expansion into new regional offices and other targeted hires.
Share-based payments reduced as pre-merger share schemes fell away over the period.
|
|
6 months ended |
6 months ended |
12 months ended |
|
|
30 September 2025 |
30 September 2024 |
31 March 2024 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£'000 |
£'000 |
£'000 |
|
Employee Costs |
19,621 |
18,262 |
35,975 |
|
Share-based Payments |
887 |
1,579 |
2,453 |
|
Non-employee |
7,045 |
7,740 |
16,203 |
|
Administrative expenses |
27,553 |
27,581 |
54,631 |
|
|
|
|
|
|
Average number of employees |
203 |
197 |
197 |
CONSOLIDATED INCOME STATEMENT
UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2025
|
|
|
6 months ended |
6 months ended |
12 months ended 31 March 2025 |
||||||||||||||
|
|
|
Unaudited |
Unaudited |
Audited |
||||||||||||||
|
|
|
£'000 |
£'000 |
£'000 |
||||||||||||||
|
|
Notes |
|
|
|
||||||||||||||
|
Revenue |
2 |
28,528 |
27,707 |
55,646 |
||||||||||||||
|
Other operating income / (expense) |
3 |
99 |
(87) |
(294) |
||||||||||||||
|
Administrative expenses |
4 |
(27,553) |
(27,581) |
(54,631) |
||||||||||||||
|
Operating profit |
|
1,074 |
39 |
721 |
||||||||||||||
|
Share of joint venture and associate losses |
|
(135) |
(135) |
(211) |
||||||||||||||
|
Finance income |
|
287 |
338 |
604 |
||||||||||||||
|
Finance charge |
|
(163) |
(190) |
(366) |
||||||||||||||
|
Profit before taxation |
|
1,063 |
52 |
748 |
||||||||||||||
|
|
|
|
|
|
||||||||||||||
|
Analysed as |
|
|
|
|
||||||||||||||
|
Adjusted profit before tax
|
|
1,986 |
1,853 |
3,706 |
||||||||||||||
|
Share-based payments |
|
(887) |
(1,579) |
(2,453) |
||||||||||||||
|
Adjusting items |
8 |
(36) |
(222) |
(505) |
||||||||||||||
|
Profit before taxation |
|
1,063 |
52 |
748 |
||||||||||||||
|
|
|
|
|
|
||||||||||||||
|
Taxation |
|
(337) |
(15) |
17 |
||||||||||||||
|
Profit attributable to equity shareholders |
|
726 |
37 |
765 |
||||||||||||||
|
Total comprehensive profit for the year |
|
726 |
37 |
765 |
||||||||||||||
|
|
|
|
|
|
||||||||||||||
|
Earnings per share (pence) |
|
|
|
|
||||||||||||||
|
Basic |
5 |
0.21 |
0.01 |
0.23 |
||||||||||||||
|
Diluted |
5 |
0.20 |
0.01 |
0.21 |
||||||||||||||
|
|
|
|
|
|
||||||||||||||
|
Analysed as |
|
|
|
|
||||||||||||||
|
Adjusted profit before tax |
|
1,986 |
1,853 |
3,706 |
||||||||||||||
|
Share of joint venture and associate losses |
|
(135) |
(135) |
(211) |
||||||||||||||
|
Taxation |
|
(337) |
(371) |
17 |
||||||||||||||
|
Adjusted earnings |
|
1,514 |
1,347 |
3,512 |
||||||||||||||
|
Basic shares |
|
338,384,123 |
330,827,536 |
339,632,342 |
||||||||||||||
|
Adjusted earnings per share (pence) |
|
0.4 |
0.4 |
1.0 |
||||||||||||||
CONSOLIDATED BALANCE SHEET
UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2025
|
|
|
30 Sep 2025 |
30 Sep 2024 |
31 Mar 2025 |
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
Notes |
£'000 |
£'000 |
£'000 |
|
Non-current assets |
|
|
|
|
|
Property, plant and equipment |
|
8,671 |
10,150 |
9,618 |
|
Intangible assets |
|
13,551 |
13,432 |
13,579 |
|
Investment in associates and joint ventures |
|
1,876 |
1,947 |
1,871 |
|
Financial assets held at fair value |
|
729 |
451 |
264 |
|
Deferred tax asset |
7 |
2,651 |
3,611 |
2,988 |
|
Total non-current assets |
|
27,478 |
29,591 |
28,320 |
|
Current assets |
|
|
|
|
|
Trade and other receivables |
7 |
36,275 |
24,338 |
22,903 |
|
Corporation tax receivable |
|
- |
- |
595 |
|
Current assets held at fair value |
|
4,838 |
4,339 |
4,210 |
|
Cash and cash equivalents |
|
19,810 |
17,213 |
21,223 |
|
Total current assets |
|
60,923 |
45,890 |
48,931 |
|
Total assets |
|
88,401 |
75,481 |
77,251 |
|
Non-current liabilities |
|
|
|
|
|
Lease liability |
|
6,664 |
8,397 |
7,503 |
|
Provisions |
|
25 |
815 |
58 |
|
Total non-current liabilities |
|
6,689 |
9,212 |
7,561 |
|
Current liabilities |
|
|
|
|
|
Trade and other payables |
|
40,940 |
24,105 |
28,311 |
|
Current Liabilities held at fair value |
|
1,612 |
2,135 |
1,535 |
|
Borrowings |
|
- |
291 |
- |
|
Total current liabilities |
|
42,552 |
26,531 |
29,846 |
|
Equity |
|
|
|
|
|
Share capital |
|
3,871 |
3,857 |
3,857 |
|
Share premium |
|
3,380 |
3,216 |
3,216 |
|
Own shares held |
7 |
(3,287) |
(4,379) |
(4,494) |
|
Merger relief reserve |
7 |
25,151 |
25,151 |
25,151 |
|
Share based payments reserve |
|
3,243 |
3,365 |
4,236 |
|
Retained earnings |
|
6,802 |
8,528 |
7,878 |
|
Total equity |
|
39,160 |
39,738 |
39,844 |
|
Total equity and liabilities |
|
88,401 |
75,481 |
77,251 |
CONSOLIDATED STATEMENT OF CHANGE IN EQUITY
UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2025
|
|
|
|
Own |
Merger |
Share Based |
|
|
|
|
Share |
Share |
Shares |
Relief |
Payment |
Retained |
Total |
|
|
Capital |
Premium |
Held |
Reserve |
Reserve |
Earnings |
Equity |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Balance at 31 March 2024 |
3,847 |
3,099 |
(4,799) |
25,151 |
3,766 |
8,556 |
39,620 |
|
Total comprehensive profit for the period |
- |
- |
- |
- |
- |
37 |
37 |
|
Transactions with owners: |
|
|
|
|
|
|
|
|
Share-based payments charge |
- |
- |
- |
- |
789 |
- |
789 |
|
Vesting of share-based payments |
- |
- |
- |
- |
(1,190) |
- |
(1,190) |
|
Transfers to employees relating to share-based payments |
- |
- |
1,008 |
- |
- |
- |
1,008 |
|
Purchase of own shares |
- |
- |
(588) |
- |
- |
- |
(588) |
|
Issued share capital |
10 |
117 |
- |
- |
- |
- |
127 |
|
|
10 |
117 |
420 |
- |
(401) |
- |
146 |
|
Balance at 30 September 2024 |
3,857 |
3,216 |
(4,379) |
25,151 |
3,365 |
8,593 |
39,803 |
|
Total comprehensive expense for the period |
- |
- |
- |
- |
- |
728 |
728 |
|
Transactions with owners: |
|
|
|
|
|
|
|
|
Share-based payments charge |
- |
- |
- |
- |
1,656 |
- |
1,656 |
|
Vesting of share-based payments |
- |
- |
- |
- |
(785) |
1,975 |
1,190 |
|
Transfers to employees relating to share-based payments |
- |
- |
473 |
- |
- |
(1,481) |
(1,008) |
|
Purchase of own shares |
|
|
(588) |
|
|
- |
(588) |
|
Dividends paid |
- |
- |
- |
- |
- |
(1,937) |
(1,937) |
|
|
- |
- |
(115) |
- |
871 |
(1,443) |
(687) |
|
Balance at 31 March 2025 |
3,857 |
3,216 |
(4,494) |
25,151 |
4,236 |
7,878 |
39,844 |
|
Total comprehensive income for the period |
- |
- |
- |
- |
- |
726 |
726 |
|
Transactions with owners: |
|
|
|
|
|
|
|
|
Share-based payments charge |
- |
- |
- |
- |
887 |
- |
887 |
|
Vesting of share-based payments |
- |
- |
- |
- |
(1,880) |
1,880 |
- |
|
Transfers to employees relating to share-based payments |
- |
- |
1,923 |
- |
- |
(1,923) |
- |
|
Purchase of own shares |
- |
- |
(716) |
- |
- |
- |
(716) |
|
Dividends paid |
- |
- |
- |
- |
- |
(1,759) |
(1,759) |
|
Issued share capital |
14 |
164 |
- |
- |
- |
- |
178 |
|
|
14 |
164 |
1,207 |
- |
(993) |
(1,802) |
(1,410) |
|
Balance at 30 September 2025 |
3,871 |
3,380 |
(3,287) |
25,151 |
3,243 |
6,802 |
39,160 |
CONSOLIDATED STATEMENT OF CASH FLOWS
UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2025
|
|
|
30 Sep 2025 |
30 Sep 2024 |
31 Mar 2025 |
|
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
|
£'000 |
£'000 |
£'000 |
|
|
Cash flow from operating activities |
|
|
|
|
|
|
Profit before taxation |
|
1,063 |
52 |
748 |
|
|
Adjustments for: |
|
|
|
|
|
|
Depreciation |
|
980 |
941 |
1,938 |
|
|
Amortisation |
|
54 |
41 |
- |
|
|
Share of associate profits |
|
135 |
135 |
211 |
|
|
Finance income |
|
(287) |
(338) |
(604) |
|
|
Finance charge |
|
163 |
190 |
366 |
|
|
Share-based payments charge |
|
887 |
1,579 |
2,453 |
|
|
Net fair value (gains) / losses recognised in profit or losses |
|
(99) |
87 |
294 |
|
|
Payments received of non-cash assets |
|
(366) |
(226) |
(20) |
|
|
|
|
2,530 |
2,461 |
5,386 |
|
|
Changes in working capital |
|
|
|
|
|
|
Trade and other receivables |
|
(13,372) |
(1,624) |
(189) |
|
|
Trade and other payables |
|
10,575 |
(4,911) |
(46) |
|
|
Provisions |
|
33 |
- |
(24) |
|
|
Cash Generated from Operations |
|
(234) |
(4,074) |
5,127 |
|
|
|
|
|
|
|
|
|
Net cash payments for current asset investments held at fair value through profit or loss |
|
(302) |
2,006 |
1,736 |
|
|
Taxation receipts |
|
595 |
- |
56 |
|
|
Net cash (outflow)/inflow from operating activities |
|
59 |
(2,068) |
6,919 |
|
|
Cash flows from investing activities |
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
(33) |
(46) |
(68) |
|
|
Purchase of intangible assets |
|
(26) |
(36) |
(143) |
|
|
Proceeds on sale of investments |
|
- |
- |
(100) |
|
|
Investment in associates and joint ventures |
|
(140) |
(100) |
- |
|
|
Interest received |
|
287 |
338 |
604 |
|
|
Net cash inflow from investing activities |
|
88 |
156 |
293 |
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Equity dividends paid |
|
- |
- |
(1,937) |
|
|
Issue of share capital and exercise of share options |
|
178 |
17 |
127 |
|
|
Purchase of own shares |
|
(716) |
- |
(1,176) |
|
|
Interest paid |
|
- |
(14) |
(11) |
|
|
Lease liability payments |
|
(1,022) |
(1,424) |
(3,247) |
|
|
Repayment of borrowings |
|
- |
(193) |
(484) |
|
|
Net cash outflow from financing activities |
|
(1,560) |
(1,614) |
(6,728) |
|
|
Net (increase) / decrease in cash and cash equivalents |
|
(1,413) |
(3,526) |
484 |
|
|
Cash and cash equivalents at beginning of period |
|
21,223 |
20,739 |
20,739 |
|
|
Cash and cash equivalents at end of period |
|
19,810 |
17,213 |
21,223 |
|
NOTES TO THE FINANCIAL STATEMENTS
UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2025
1. BASIS OF PREPARATION
Cavendish plc (the "Company" or the "Group") is a public limited company, limited by shares, incorporated and domiciled in England and Wales. The Company was incorporated on 28 August 2018. The registered office of the Company is One Bartholomew Close, London EC1A 7BL, United Kingdom. The Company's registered number is 11540126. The Company is quoted on the AIM market of the London Stock Exchange.
The financial information contained within these condensed consolidated Interim Financial Statements is unaudited and has been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting ('IAS 34') and AIM Rule 18. The financial information contained in the Interim Financial Statements is unaudited and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006.
The statutory accounts for the 12 months ended 31 March 2025 have been delivered to the Registrar of Companies. The statutory accounts have been prepared in accordance with UK Adopted International Accounting Standards and in accordance with applicable law. The Independent Auditor's Report to the members of Cavendish plc contained no qualification or statement under section 498 (2) or (3) of the Companies Act 2006.
These consolidated Interim Financial Statements contain information about the Group and have been prepared on a historical cost basis except for certain financial instruments which are carried at fair value. Amounts are rounded to the nearest thousand, unless otherwise stated and are presented in pounds sterling, which is the currency of the primary economic environment in which the Group operates.
The preparation of these Interim Financial Statements requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies. Judgements and estimates used in these Interim Financial Statements have been applied on a consistent basis with those used in the statutory accounts for the 12 months ended 31 March 2025.
The Group has assessed the appropriateness of accounting on a going concern basis. This process involved the review of a forecast for the coming 18 months, along with stress testing a second downside scenario. Both cases showed that the Group has the required resources to operate within its resources during the period. The Directors believe that the Group has adequate resources to continue trading for at least 12 months from the date of approval of this report. Accordingly, they continue to adopt the going concern basis in preparing the Interim Financial Statements.
2. Segmental Reporting
The Group is managed as an integrated financial services group and the different revenue streams are considered to be subject to similar economic characteristics. Consequently, the Group is managed as one business unit. The trading operations of the Group comprise of Corporate Advisory and Broking, M&A Advisory and Institutional Stockbroking. The Group's revenues are derived from activities conducted in the UK, although several of its corporate and institutional investors and clients are situated overseas. All assets of the Group reside in the UK.
|
|
6 months ended |
6 months ended |
12 months ended |
|
|
30 September 2025 |
30 September 2024 |
31 March 2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£'000 |
£'000 |
£'000 |
|
Retainers |
5,276 |
5,956 |
11,708 |
|
Transactions |
18,244 |
18,931 |
38,260 |
|
Equities |
5,008 |
2,820 |
5,678 |
|
Revenue |
28,528 |
27,707 |
55,646 |
3. Other Operating Income / (Expense)
|
|
6 months ended |
6 months ended |
12 months ended |
|
|
|
30 September 2025 |
30 September 2024 |
31 March 2025 |
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
£'000 |
£'000 |
£'000 |
|
|
Other Operating Income / (Expense) |
99 |
(87) |
(294) |
|
4. Administrative Expenses
|
|
6 months ended |
6 months ended |
12 months ended |
|
|
30 September 2025 |
30 September 2024 |
31 March 2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£'000 |
£'000 |
£'000 |
|
Employee Costs |
19,621 |
18,262 |
35,975 |
|
Share-based Payments |
887 |
1,579 |
2,453 |
|
Non-employee Costs |
7,045 |
7,740 |
16,203 |
|
Administrative expenses |
27,553 |
27,581 |
54,631 |
|
|
|
|
|
|
Average number of employees |
203 |
197 |
197 |
Employee benefit expense includes share-based payments of £887k (H1'25: £1,579k).
5. Earnings per share
|
|
6 months ended |
6 months ended |
12 months ended |
|
|
30 September 2025 |
30 September 2024 |
31 March 2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
Weighted average number of shares for the purposes of basic earnings per share |
338,384,123 |
330,827,536 |
339,632,342 |
|
Weighted average dilutive effect of conditional share awards |
19,649,559 |
3,542,276 |
26,528,921 |
|
Weighted average number of shares for the purposes of diluted earnings per share |
358,033,682 |
334,369,812 |
366,161,263 |
|
|
|
|
|
|
Profit per ordinary share (pence) (pence) |
|
|
|
|
Basic profit per ordinary share |
0.21 |
0.01 |
0.23 |
|
Diluted profit per ordinary share |
0.20 |
0.01 |
0.21 |
Shares held by the Group's Employee Benefit Trusts have been excluded from the calculation of earnings per share.
6. Dividends
|
|
6 months ended |
6 months ended |
12 months ended |
|
|
30 September 2025 |
30 September 2024 |
31 March 2025 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
£'000 |
£'000 |
£'000 |
|
Dividend proposed and paid |
1,730 |
- |
1,937 |
|
Dividends per share (pence) |
0.50 |
- |
0.55 |
7. Balance Sheet Items
i. Deferred tax asset
Deferred taxation for the Group relates to timing differences on the taxation relief on the exercise of options and tax losses carried forward. The amount of the asset is determined using tax rates that have been enacted or substantively enacted when the deferred tax assets are expected to be recovered.
ii. Trade and other receivables
Trade and other receivables principally consist of amounts due from clients, brokers and other counterparties. In addition, the Group has credit risk exposure to the gross value of unsettled trades (on a delivery versus payment basis) at its agency settlement agent (Pershing, a wholly-owned subsidiary of Bank of New York Mellon Corporation).
iii. Own shares held
The value of own shares held is the cost of shares purchased in the Group's Employee Benefit Trusts. The Trusts were established with the authority to acquire shares in the Group and are funded by the Group.
iv. Merger relief reserve
The merger relief reserve represents: the difference between net book value of subsidiaries acquired via share-for-share exchanges and the nominal value of the shares issued as consideration. Upon consolidation, part of the merger reserve is eliminated to recognise the pre-acquisition reserves of Cavendish Capital Markets Limited (December 2018) and Cavendish Securities plc (September 2023); and the difference between the fair value and nominal value of shares issued for the acquisition of Cavendish Corporate Finance (UK) Limited and Cavendish Corporate Finance LLP from the acquisition in December 2018. This reserve is not distributable.
v. Post balance sheet events
There are no material post balance sheet events.
8. ALTERNATIVE PERFORMANCE MEASURES
The below non-GAAP alternative performance measures have been used.
Adjusted profit before tax
Measure: Adjusted profit before tax is calculated excluding share-based payments, non-recurring items, share of joint venture and associate profits and fair value (gains) / losses on long term investments.
Use: Provides a consistent measure of the earnings performance of the core business activities.
|
|
6 months ended |
6 months ended |
12 months ended |
|
|
|
30 September 2025 |
30 September 2024 |
31 March 2025 |
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
£'000 |
£'000 |
£'000 |
|
|
Profit before tax |
1,063 |
52 |
748 |
|
|
Fair value (gains) / losses on long term investments |
(99) |
87 |
294 |
|
|
Share-based payments |
887 |
1,579 |
2,453 |
|
|
Share of joint venture and associate losses |
135 |
135 |
211 |
|
|
Adjusted profit before taxation |
1,986 |
1,853 |
3,706 |
|
|
|
6 months ended |
6 months ended |
12 months ended |
|
|
|
30 September 2025 |
30 September 2024 |
31 March 2025 |
|
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
£'000 |
£'000 |
£'000 |
|
|
Profit attributable to equity shareholders |
726 |
37 |
765 |
|
|
Fair value (gains) / losses on long term investments |
(99) |
87 |
294 |
|
|
Share-based payments |
887 |
1,579 |
2,453 |
|
|
Taxation |
(33) |
(329) |
(369) |
|
|
Adjusted earnings |
1,481 |
1,374 |
3,143 |
|
|
Basic shares |
338,384,123 |
330,827,536 |
339,632,342 |
|
|
Adjusted earnings per share (pence) |
0.4 |
0.4 |
0.8 |
|
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