Trading Update

Cavendish (LON: CAV), a leading UK mid-market investment bank, today issues a trading update for the year ended 31 March 2024.

Financial performance(1)

In H2, we saw significant growth with revenues expected to be approximately £34.5m, c.77% up on pro forma H1 revenue of £19.5m. As a result, statutory revenue for the full year is expected to be approximately £47.5m (FY23: £32.9m) up c.44%. On a full year pro forma basis revenue is expected to be c.£54m (FY23 pro forma: £50.5m).

The newly merged team delivered an H2 performance well ahead of H1 as we completed multiple deals for our clients, across all parts of our business and strengthened our balance sheet further. As at 31 March 2024, cash was approximately £20.8m, up from c.£12.3m at our half year.

Having locked in annualised synergies of £7m, we continue to deliver further savings from the merger and the run rate cost base of the merged group has been substantially reduced giving us greater resilience and better operating leverage.

Outlook

Whilst the interest rate cycle appears to have peaked, conditions continue to impact demand for UK equities, making deal execution in ECM challenging across all market participants. However, private and public M&A has remained buoyant in H2 and our pipeline across both ECM and M&A remains good.

596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Cavendish's obligations under Article 17 of the UK MAR.

• References to unaudited pro forma revenues reflect the addition of the unaudited consolidated revenue of finnCap Group plc and the unaudited consolidated revenue of Cenkos Securities plc for the relevant period as if they were consolidated fully for that period. Pro forma information is a non-GAAP measure and is provided to assist with a better understanding of Cavendish's performance.