Business
Half-year Results
Half-year Results.
About this update from Peel Hunt Limited
[{"type":"text","content":"\n\n \n5 December 2023 \n \nPeel Hunt Limited\n \nHalf-Year Results for the six months ended 30 September 2023\n \nRevenue in line with market expectations\n \nPeel Hunt Limited ('Peel Hunt', the 'Company') together with its subsidiaries (the 'Group') today announces unaudited interim results for the period ended 30 September 2023 ('H1 FY24'). FY24 refers to the financial year ending on 31 March 2024.\n \nHighlights\n· Strong balance sheet maintained, supporting the Group's overall financial resilience\no Group revenue £42.7m (H1 FY23: £41.1m), an increase of 3.9% year on year\no Loss before tax of £0.8m (H1 FY23: profit before tax of £0.1m), reflecting the challenging macroeconomic environment and inflationary increases in costs\no Net assets of £92.8m (FY23: £93.1m) and cash balances of £22.6m (FY23: £27.4m)\no Capital comfortably in excess of regulatory requirements\no Long term debt reduced to £15m (FY23: £21m), partly offsetting increases in interest costs\n \n· Good strategic progress made across all business divisions and the Group as a whole\no Investment Banking:\n§ Added nine new corporate clients\n§ Progressed our diversification strategy acting as financial adviser on several UK public M&A transactions, both buyside and sellside, and expanding our pipeline of private capital markets and debt advisory mandates\no Research & Distribution: Institutional electronic trading revenues doubled year-on-year and key senior hires have joined the team during the period\no Execution Services: Revenues remain above pre-Covid levels despite lower market volumes\no RetailBook: Application for regulatory approval is currently being assessed by the Financial Conduct Authority\no European office: Copenhagen office now fully staffed and expected to be operational shortly\n \n· Strength of our platform and considerable operational gearing position us well for when market conditions recover\n \n\nFinancial and operating highlights\n \n\n\n...