FinnCap profits to slip despite rising revenues

8th Oct 2019 08:50

(Sharecast News) - Financial services group FinnCap said on Tuesday that it expects a slight drop in half-year profits despite marked revenue growth as it continues to operate in "challenging" market conditions.
In an update for the six months to 30 September, FinnCap said it expects to report a 56% uptick in revenues to £14.2m but pre-tax profits are expected to drop 7.1% to £1.3m due to the current political backdrop and tough market conditions.

The company said this was a good performance given the current trading environment, which leaves it well-positioned to meet full-year expectations.

Chief executive Sam Smith said: "Given the difficult market backdrop, I am pleased with our strong overall performance and am excited about our continuing evolution to a professional services group for growth companies.

"Despite the challenging market conditions, we have signed up 12 new retained corporate clients and 17 new sell-side mandates in the first half and have a strong pipeline for the second half."

As of 0850 BST, FinnCap shares were untraded at 25.50p.