A strong first half with expectations exceeded
These results – and the resilient performance contained within – suggest to us that the strategy of developing a full suite of products for growth companies has stood finnCap in good stead so far during this changed operating environment. In particular, developing strong sector teams (where it will continue to invest) has been beneficial in driving new business. CEO Sam Smith notes that the Group is moving into the next phase of its strategy which is to seek complementary bolt on acquisitions in adjacent sectors to further broaden its offering to growth companies. We introduce estimates for FY 2021E which reflect the strong first half performance and our conservative view on H2 – although we note that the latter period has started well.