Independent FinnCap doubles revenue amid market turmoil
FINNCAP, the broker chaired by private equity stalwart Jon Moulton, more than doubled its turnover over the last year after making strides in new client wins and completing a management buyout from its former parent JM Finn.
FinnCap’s sales rose 56 per cent to £7.8m over the year to April, while the firm confirmed it had remained profitable over the period despite a bleak small cap market environment.
The firm, led by Sam Smith, one of the City’s most successful female bosses, has added 12 new corporate clients since last year, taking its tally up to 68. It raised £120m for its clients over the past 12 months.
Better Capital founder Moulton, who joined as non-executive chairman in January, said the firm’s success was due to its proactive broking of growth firms. “We see smaller cap companies as deserving and needing capital to grow and prosper,” he said. “The banks are not filling this funding gap and the UK equity markets can play a major role.”
Smith added that June had been one of the firm’s best months for years in terms of deals, completing placings for a number of clients, including miner Jubilee Platinum.