Cavendish plc (LSE:CAV) expects to report group revenue of approximately £22.8 million for the six months ended 30 September 2026, as the UK investment bank continues to operate across public and private capital markets amid macroeconomic uncertainty.
The company said revenue during the first half was distributed across its principal business activities, including public and private mergers and acquisitions (M&A), equity capital markets advisory services and trading.
Cavendish reported continued activity across these areas despite a more challenging economic environment, with management highlighting an increase in new mandates within its private M&A and private growth capital businesses.
The group attributed the increase in mandate activity partly to previous investment in its transaction origination capabilities and efforts to expand its operations beyond London.
Cavendish has been developing its presence in regional markets, seeking additional advisory opportunities among privately owned businesses and companies requiring growth capital.
Management said these initiatives have contributed to an increase in new private market engagements, although the financial contribution from individual mandates will depend on transaction progress and completion.
The company also reported continued involvement in public equity markets, including advisory services for companies listed on the AIM market of the London Stock Exchange.
Cavendish maintains a substantial portfolio of retained AIM clients and continues to provide corporate finance, capital raising and related advisory services to publicly traded businesses.
The group has also been active in the London Stock Exchange’s new Private Securities Market, extending its participation in transactions involving privately held companies.
This activity complements its existing advisory services in public and private M&A, equity capital markets and trading.
Cavendish said its revenue mix remained balanced across these business lines during the reporting period, providing exposure to different types of corporate transactions and capital market activity.
The company has previously advised on transactions involving businesses including Veremark, Moneybox, Wayve and Oxford Science Enterprises, reflecting its involvement in growth capital and corporate advisory markets.
Management also highlighted an increase in the average market capitalisation of the group’s retained client base as part of its broader development of corporate relationships.
Looking ahead, Cavendish reported a pipeline of prospective public and private transactions, including potential initial public offerings (IPOs).
The company said its pipeline includes opportunities across M&A advisory, equity fundraising and private growth capital transactions.
However, management cautioned that the timing of transaction completions remains difficult to forecast, particularly given the influence of economic conditions and capital market activity on corporate decision-making.
The group also highlighted the limited visibility of future revenue associated with transaction-based advisory work, where income can depend on the successful completion of individual mandates.
As a result, Cavendish intends to maintain cost controls while continuing to pursue new advisory opportunities and develop its transaction pipeline.
The company has been investing in origination capabilities to increase the number of potential transactions entering its advisory pipeline, including opportunities generated through its expanding regional presence.
Management expects these activities to support future mandate generation, although the conversion of opportunities into completed transactions remains subject to market conditions and client decisions.
Cavendish’s expected first-half revenue of approximately £22.8 million reflects activity across its public and private market businesses, with the company continuing to monitor expenditure and transaction timing.
The group has not provided specific forecasts for second-half revenue or profitability in the supplied update.
Its near-term priorities include progressing existing mandates, developing its private M&A and growth capital activities, maintaining relationships with listed corporate clients and managing costs amid continued market uncertainty.
About Cavendish plc
Cavendish plc is a UK investment bank providing corporate advisory, equity capital markets and trading services to publicly listed and privately owned companies.
The group specialises in mergers and acquisitions, equity fundraising, corporate finance and capital market transactions, with a focus on growth businesses and mid-market companies.
Cavendish maintains an established presence in the AIM market, providing advisory and related services to companies listed on the London Stock Exchange.
Its activities also extend to private M&A, private growth capital and transactions involving businesses seeking investment or strategic corporate opportunities.
The company has participated in transactions involving Veremark, Moneybox, Wayve and Oxford Science Enterprises.
Cavendish has been expanding its transaction origination capabilities and geographical coverage beyond London, alongside developing relationships with privately owned businesses and institutional investors.
The group also participates in the London Stock Exchange’s Private Securities Market, complementing its existing public market advisory activities.
Its operations are focused on supporting corporate transactions, capital raising and trading activity across the UK public and private markets.
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