Eight Capital Partners PLC (AQSE:ECP) said it received significant transaction fees greater than its 2021 revenue for advising on a recent listing.
The financial services company focused on the fintech sector said it earned £1mln in fees for providing advice on the transaction and related corporate activities.
According to a statement, that sum is greater than the group’s entire revenue for 2021, with half already paid in cash and the rest of the balance to be paid over the next few months.
Eight Capital added that it also represents a "significant" portion of revenues in the year so far and provides it with extra cash reserves to continue to develop the business.
Further progress towards “transforming the balance sheet” was made in the first half, the group said, as it looks to consolidate and expand its service offering.
The company said it wants to create a platform “which it can develop as a multi-faceted financial services group, whilst at the same time providing a stronger base from which it can raise third party capital”.
As a result, the company said it is close to reissuing its circular to shareholders in respect of seeking a waiver of obligations under Rule 9 of the City Code on Takeovers and Mergers for the conversion of existing debt into equity in Eight Capital Partners.