FinnCap raises guidance after a storming end to the year

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FinnCap Group PLC (LON:FCAP) shares soared 23% to 29.5p after it said it had been trading materially ahead of expectations.


In a trading update covering the financial year to the end of March, the City firm said its capital markets business recorded its highest level of quarterly deal fees in the fiscal third-quarter (i.e. Oct-Dec) and continued to enjoy good growth in year-on-year sales and trading revenue.


Meanwhile, after a quiet third quarter, the Mergers & Acquisitions team in delivered a strong performance in the fourth quarter with the successful closure of several deals.


The board said it now expects total income for the year to top GBP43mln, which would be almost two-thirds higher than in the previous fiscal year.


The group’s profits and year-end cash are also expected to be well ahead of the board’s expectations at the time of the company’s interim results back in November.


“After a strong performance in H1, it has been great to see the whole business continue to deliver for our clients and stakeholders,” said Sam Smith, the chief executive officer of finnCap.


“In line with our strategy, we have continued to invest in the business in H2 with further hires into deal origination and into our ECM [Equity Capital Markets] business, in particular into sales and trading, which has already been a key contributor to our performance this year. Our pipeline remains good, with deals still too close for FY21 and I look forward to announcing our results in July,” she added.

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