FinnCap profits jump on boom in flotations and fundraisings

 
Tim Wallace
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Sam Smith said markets are recovering, providing a strong pipeline of flotations into 2015
BROKER FinnCap almost doubled its capital-raising in the past six months, the firm reported yesterday.

The boom in flotations helped the mid-market specialist to raise £135m for clients, up from £75m in the same period of 2013.

Revenues climbed 23 per cent to £8.5m, and pre-tax profits jumped 30 per cent to £1.3m.

FinnCap’s work included three initial public offerings (IPOs) over the period, and its earnings for the next six months are also get­ting a boost as it raised £30m in two IPOs after the end of the period.

“The market started strongly this year, and despite recent market volatility, we remain positive about the outlook,” said chief executive Sam Smith.

“We have completed two further IPOs raising £30m post-period end, and we are encouraged by the quality of the pipeline in place for the second half of the year.”