SMALL-CAP broker and adviser Finncap is bullish about further growth, after delivering an operating profit in the first half of the year.
The firm said yesterday revenues rose to £5.7m in the six months to the end of October, from £5m a year ago, and operating profits jumped from £260,000 last year to £1.1m in the latest period.
FinnCap now boasts the biggest client roster on the Alternative Investment Market, having overtaken Cenkos on the back of a string of mandate wins.
It said it raised £80m for its 103 clients in the half, including three initial public offerings, as it carved out market share while listing action on the main London Stock Exchange all but disappeared.
Corporate fees rose 30 per cent in the period, Finncap said, though secondary commission was weak.
Jon Moulton, Finncap chairman, said the firm had enjoyed “a strong six months in a weak market”.
“We have welcomed 12 new clients since April and have continued to improve our client service. We look forward to further progress,” he said.
The revamped ICAP Securities & Derivatives Exchange, formerly known as Plus Markets, could provide an avenue of growth for Finncap.