The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 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 Cavendish's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. 

30 October 2025

Cavendish plc

("Cavendish" and together with its subsidiary undertakings, the "Group")

2026 Interim Results

Cavendish plc (AIM: CAV), a leading UK investment bank and trusted adviser to both public and private companies, today announces unaudited interim results for the six-month period ended 30 September 2025.

H1'26 FINANCIAL HIGHLIGHTS

o  Revenues of £28.5m (H1'25: £27.7m)

o  Adjusted profit before tax* of £2.0m (H1'25: £1.9m) delivers an improved profit margin of 7.0%

o  Cash balances at 30 September 2025 of £19.8m, an increase of 15% vs the same date last year (H1'25: £17.2m)

o  Interim dividend of 0.3p per share (H1'25: 0.3p), commensurate with performance during the period and confidence in performance for the full year 

o  Adjusted Earnings per Share*: 0.4p (H1'25: 0.4p)

H1'26 OPERATIONAL HIGHLIGHTS

o  More than 30 transactions executed during the period, with a value of £1.1 billion

o  Continued investment in Group talent with select and strategically aligned hires

o  Non-employee costs reduced by 9% to £7.0m during the period (H1'25: £7.7m) reflecting continued Group efficiencies and investments in AI capabilities

* Adjusted profit before tax is prior to share-based payments, share of associate profits and fair value gains and losses on long term investments.

JULIAN MORSE AND JOHN FARRUGIA, CO-CHIEF EXECUTIVE OFFICERS OF CAVENDISH, COMMENTED:

"We delivered a profitable first half across both public and private markets, highlighting the broad appeal of our services and the efficiency of our platform. Our pipeline remains strong, with a mix of public and private transactions underway, including several potential IPOs.

While overall client numbers declined due to market exits, we continue to hold our market-leading position as the adviser to the largest number of AIM-quoted companies, including the addition of eight new clients across AIM and the Main Market through a combination of IPOs and competitive wins.  At the same time, we are expanding our regional footprint in the UK, and our international reach, supported by our membership of the Oaklins network, remains a clear competitive advantage.

Our work spans the full company life cycle, advising and supporting small and mid-sized businesses at every stage of their growth. Thanks to the breadth of our capabilities, we can offer one of the most comprehensive ranges of solutions in the market, enabling us to deliver tailored outcomes for each client."

CAPITAL STRENGTH

The Group continues to have surplus capital and a strong liquidity position - cash balance of £19.8m at 30 September 2025, reflecting careful cash-flow management and operational efficiency. This provides the flexibility to adapt to changing market conditions and to invest in opportunities that align with our growth objectives.

INTERIM DIVIDEND

The Board has declared an interim dividend of 0.3p per share in respect of the six months ended 30 September 2025 (the "Interim Dividend") (interim dividend 0.3p in FY'25). The Interim Dividend will be paid on 10 December 2025 to shareholders registered on the record date of 21 November 2025, reflecting Cavendish's commitment to returning value to shareholders.

OUTLOOK

We have made a solid start to the second half, with a pipeline of both public and private transactions including potential IPOs and ongoing M&A activity. We remain optimistic about the outlook, supported by continued client wins and growing demand for IPOs as companies look to access the UK markets.

There are encouraging indications that sentiment toward UK equities may be gradually improving. During the period, the FTSE 100 reached record highs, and since the reversal of the 'Trump tariffs,' the UK has ranked among the best performing global equity markets. We are also seeing anecdotal evidence of increased allocations from global investors into the UK, initially directed toward the largest and most liquid companies.  However, this trend has yet to extend meaningfully to small and mid-cap equities, where valuations remain highly attractive in the context of long-term trends.

In the near term, fiscal uncertainty linked to the delayed Budget continues to weigh heavily on business confidence. Nonetheless, once this overhang clears and particularly if inflation moderates, there is potential for a strong finish to the financial year.

BUSINESS REVIEW

Revenue from public and private market transactions continued to be well diversified. Transaction fees from equity issuance and sell-side private M&A continued to underpin this significant revenue stream, with the size of public market deals varying throughout the period as the market became increasingly volatile following the introduction of the 'Trump tariffs'.

The Group recorded a notable improvement in revenue from market making and agency commission, compared with the previous period driven by disciplined execution and more buoyant markets.

MARKET CONDITIONS

The FTSE AIM All-Share rose approximately 14% in the period, driven by a strong second quarter as smaller companies benefited from renewed investor appetite, selective corporate activity, and the Bank of England's August rate cut, although elevated gilt yields later moderated gains.

Investment company shares continued to trade on wide average discounts, with some modest narrowing supported by buybacks, mergers, and sector-specific corporate actions. Renewable infrastructure funds remained weak despite high yields, while broader sentiment stabilised.

In private markets, M&A activity strengthened modestly as attractive UK valuations and easing financing conditions encouraged selective trade and private equity participation.

EXPANSION

Towards the end of the prior year, Cavendish expanded into the Regions with offices opened in Manchester and Birmingham, partnering with industry experts to bring in local contacts and expand the clientele. During H1'26, the new team completed their first transaction and have numerous others in the pipeline for the future, with nine staff now employed across the two offices.

INVESTMENT BANKING REVENUE

Investment Banking revenue comprises recurring retainer income from corporate clients and advisory fees earned from ECM, M&A, Debt, and Private placings.

Revenue decreased slightly versus the same period last year, due to a lower volume of equity issuance and a small reduction in average deal fees in private sales.  Income from retainers declined in line with the net reduction in quoted clients in the period.

EQUITIES REVENUE        

Market making profit and agency commission were materially ahead (+78%) of the same period last year. This reflects better market conditions coupled with the strength of our experienced team and disciplined capital management.

OPERATING EXPENSES

Non-employee costs reduced by 9% compared with the same period last year through a combination of supplier contract review and renewal and a continued focus on process automation.

Employee costs increased 7% compared with the same period last year driven by the expansion into new regional offices and other targeted hires.

Share-based payments reduced as pre-merger share schemes fell away over the period.

CONSOLIDATED INCOME STATEMENT

UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2025

CONSOLIDATED BALANCE SHEET

UNAUDITED FOR THE 6 MONTHS ENDED 30 SEPTEMBER 2025