The share price of AIM-focused broker finnCap (FCAP) surged by over 14 percent in early trading as it revealed a triple digit increase in profits for the half year.
Adjusted pre-tax profits came in at £4.3m – representing a 189% increase compared to the equivalent half year period last year.
Revenues were also up strongly as it posted £20.5m of revenue, an increase of 44% in comparison to the prior year.
It added hope that the strong performance will continue as deals such as the £87m placing for Synairgen has ensured a good start to the third quarter of the year:
“Our strategy of developing a full suite of products for growth companies – which, we believe, differentiates us from our peers – is delivering incremental revenue. Having completed the integration of Cavendish, we are now moving into a key phase of our strategy – carefully seeking bolt on acquisitions in adjacent sectors which align with our culture and further our vision of building a more broadly-based group, focused on servicing growing companies’ needs.
The uncertain operating environment means we must remain cautious, however, Q3 has started well, with the completion of the IPO of Fonix Mobile plc and a further large fund raising for Synairgen plc and our pipeline of deals remains good.”Sam Smith, CEO of finnCap