finnCap Group PLC expects 2022 revenue to grow and profits to be in line with expectations despite a “more complex equity market” due to the war in Ukraine.
In a trading update, the advisory and capital raising firm said revenue for the year ending 31 March 2022 is set to climb 12% to £52.4mln.
And adjusted profit before tax will likely be in line with market expectations.
Growth was largely supported by finnCap Cavendish, its mergers and acquisitions (M&A) advisory branch, where income nearly doubled to its “best-ever revenue performance”, according to its unaudited report.
“Our strategy to diversify our service offering to meet the broader strategic and financial needs of ambitious growing companies has enabled us to generate record revenue,” said chief executive Sam Smith.Over the last financial year it raised £700mln for clients, advised on nearly 30 M&A transactions and arranged roughly £400mln in debt financing, the statement said.
“finnCap Capital Markets team performed well delivering its second best-ever annual revenue performance and a result in line with our expectations,” Smith added.
The group added revenues at its Capital Markets operations are expected to fall 18% this year.
The company is set to announce full-year results in July.
Shares fell 6% to 27.3p in morning trading