Business
Results for year ended 31 March 2023
Results for year ended 31 March 2023.
About this update from Cavendish Plc
[{"type":"text","content":"\n\n13 July 2023\n \nfinnCap Group plc (\"finnCap\" or the \"Company\" or the \"Group\")\nResults for the year ended 31 March 2023\nFY23 in line with expectations; Cenkos merger on track; Q1 FY24 revenue +32% up on prior year\nfinnCap today announces its audited results for the year ended 31 March 2023.\n· Merger with Cenkos announced in March remains on track for completion in Q3\no Cenkos finnCap - creation of a leading financial services firm for the mid-market with >200 clients supported by >200 employees and pro forma revenue(3) of >£50m and cash of c. £20m\no Shareholder approvals achieved; integration planning well underway\no Completion expected in Q3 following FCA and final Court approval\n \n· Delivering for clients: 52 transactions in FY23 with aggregate deal value of £1.1bn\no Raised c.£160m equity through 19 public market placings (FY22: 25 deals; £660m raised)\no Advised on 18 private M&A deals with aggregate value of c.£625 million (FY22: 22; £1.3bn)\no Advised on 6 public company M&A deals with an aggregate value of c.£150m (FY22: 7; £820m)\no Completed 8 debt financing mandates raising c.£160m (FY22: 8 deals raising c.£350m)\n \n· Controlling our costs\no Significant reduction in fixed cost base implemented from September 2022\no Reduced discretionary spend and headcount reduction without impacting client service levels\no FY24 fixed cost base substantially reduced to c.£28m from c.£31.5m H123 run rate(2)\no Cenkos merger will deliver further attractive cost synergies across both businesses, in particular in shared IT systems, real estate and operations functions\n \n· Operating environment remains challenging in ECM\no UK equity issuance subdued since the invasion of Ukraine - FY23 decline in AIM issuance of c.70%(3)\no Economic uncertainty, rising interest rates and inflation impacting investor confidence\no Private and plc M&A activity market has improved in early FY24; ECM pipeline building for H2\n \nFY23 - Financial highlights\no Total revenue...