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UK's Cavendish H1 revenue falls 20% amid subdued markets

By Reuters News


Overview

  • UK investment bank's H1 revenue fell year-on-year amid subdued market conditions

  • Core profit before tax and core EPS declined from prior-year period

  • Company will move to a single CEO structure; no interim dividend declared for the period


Outlook

  • Cavendish says it has entered H2 with a healthy pipeline across public and private markets

  • Company expects UK small and mid-cap equities to remain pressured by geopolitical risks and higher rates


Result Drivers

  • TRANSACTION REVENUE DROP - Co said private sales revenue fell 44% and public transaction revenue fell 25% year-on-year, mainly due to challenging market conditions and delayed deal completions

  • COST REDUCTIONS - Employee costs decreased 24% year-on-year, mainly due to lower bonus accruals linked to reduced revenue

  • RETAINER INCOME - Modest growth in recurring retainer income partly offset lower transaction revenue, reflecting a higher number of quoted clients


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

H1 Revenue

GBP 22.90 mln

H1 Adjusted Pretax Profit

GBP 0.8 mln


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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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