Cavendish expects half-year revenue of about £22.8m as market uncertainty weighs on visibility
Cavendish is reporting a mixed first-half performance as tougher macroeconomic conditions continue to shape deal activity and revenue timing. The UK investment bank says revenue for the six months ended 30 September 2026 is expected to reach about £22.8 million, while its pipeline across public and private transactions remains healthy.
Highlights
- Cavendish expects half-year revenue of about £22.8m for the period ended 30 September 2026, citing market uncertainty affecting visibility.
- The group reports a balanced revenue mix across M&A, ECM, and trading, with strong activity in the Private Securities Market and record AIM client average capitalisations.
- Management highlights a healthy public and private deal pipeline but warns completion timing and revenue visibility remain unpredictable, prompting ongoing strict cost controls.
Revenue mix and deal pipeline
As reported by London Stock Exchange Regulatory News Service, Cavendish says its revenue mix remains balanced across public and private M&A, ECM and trading activity in the six-month period ended 30 September 2026.The group says it has been active in the London Stock Exchange's new Private Securities Market, including transactions involving Veremark, Moneybox, Wayve and Oxford Science Enterprises. It also says it has maintained a market-leading position supporting the largest number of AIM-quoted companies and has continued to increase the average market capitalisation of retained clients.
Cavendish adds that investment in origination capability is delivering results, with a noticeable increase in new private M&A and private growth capital mandates won during the period.
Cost controls and outlook
Management says prospects are increasingly being generated from several areas of targeted investment made in prior periods, including the business outside London.The company says it has a healthy pipeline of public and private transactions, including IPOs, but adds that completion timetables and revenue visibility remain difficult to predict, as seen in the first half of the year. Against that backdrop, Cavendish says it will continue to apply strict cost controls.
Our earlier report on reverse mergers in the biotech sector explained how more life-sciences start-ups are using these deals to reach public markets faster and with greater funding certainty than a traditional IPO. It noted that reverse-merger activity jumped sharply year-on-year, supported by sizeable capital raises and a pool of underperforming listed biotech companies that can serve as merger vehicles.
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