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 the Company'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. 

1 April 2026

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

Full Year Trading Update

Consistently Profitable During FY26

Cavendish, a leading UK investment bank, today issues a trading update for the year ended 31 March 2026 ("FY26").

FY26 Financial performance

FY26 Group revenues are expected to be approximately £56m (FY25: £55.6m). Cavendish has been profitable in both halves of the financial year, demonstrating the broad appeal of our service offering and efficiency of our platform.

Net cash balances were £19.2m at 31 March 2026 (FY25 £21.2m). The Board believes a strong, debt-free balance sheet provides financial resilience for the Group and allows us to continue to build our business for the benefit of all our stakeholders.

In the public markets, FY26 delivered a robust performance against a challenging equity issuance backdrop. Full‑year revenues were modestly ahead of FY25 buoyed by the MHA IPO in the first quarter. This was supported by a strong and increased contribution from equity trading and investment companies, demonstrating disciplined execution in capturing available market opportunities. We added 27 new clients during the year, following an increased focus on and investment in client origination. For the first time since our merger, the movement in clients has been net positive during the second half, supporting a stabilisation in retainers and laying foundations for future deal flow. Average fees remained broadly consistent, demonstrating our pricing discipline despite mixed market conditions.

There has been some reduction in private market revenues in the year. The level of deal volume was broadly in line with the previous year, but the average deal size has been somewhat smaller. Encouragingly, underlying deal economics proved resilient, with the rolling twelve‑month median fee increasing, signalling improved quality and sustainability of the core pipeline. Our new offices in Birmingham and Manchester have started well, performing in line with the business plan in their first full year.  They have significantly strengthened our local origination capability, which we believe will be another strategic advantage in our offering.

Overall, FY26 reflects a performance underpinned by diversification across revenue streams and continued cost discipline. While headline revenues were constrained by market conditions, progress in client origination and retention, equity distribution and private market fee quality, positions the Group well for a return to sustainable growth as market confidence improves.

Across our business we act for and advise small and mid-sized companies at all stages of their life cycle. The breadth of our business gives clients more options, so we can deliver solutions that are shaped around what matters most to them.

Outlook

Looking ahead, the Group enters FY27 with a strengthening pipeline and an improving operational platform. The quoted client base is increasing, supporting higher recurring retainers and equity issuance activity. A stronger equity distribution capability is expected to generate greater commission income and our regional offices, now fully staffed, are positioned to capture higher‑value deal flow. We continue to invest in talent and have welcomed new colleagues with established reputations from some of our larger competitors.

Certain macroeconomic conditions had been trending more positively, with gradually declining interest rates and increased capital allocation towards European markets. However, sentiment remains heavily influenced by the current conflict in the Middle East, and dragged down by the protracted Russia Ukraine war, political uncertainty in the UK, heightened geopolitical risk and continued debate around returns on AI investment.  

The longer these issues and in particular the Middle East conflict persist, the more likely they are to impact negatively on outlook. Against this backdrop, the Group remains focused on disciplined execution and tight cost control, maintaining flexibility and resilience in its operating model.

Strategically, priorities remain centred on improving revenue per head through enhanced origination, continued growth in mid‑market private M&A, strengthened equity distribution and firm‑wide adoption of AI‑enabled processes to drive efficiency, connectivity and scalability across the business.

Contacts

Cavendish (Management)                                                           Tel: +44 (0) 20 7220 0500

Julian Morse, Co-Chief Executive Officer                               investor.relations@cavendish.com

John Farrugia, Co-Chief Executive Officer                                            

Ben Procter, Chief Financial Officer

Spark Advisory Partners (Nominated Adviser)                     Tel: +44 (0) 203 368 3550

Matt Davis

Cavendish (Broker)                                                                         Tel: +44 (0) 20 7220 0500

Matt Lewis

Hudson Sandler (PR adviser)                                                      Tel: +44 (0) 20 7796 4133

Dan de Belder/Rebekah Chapman