Cavendish, the AIM-focused investment bank, reported first-half revenue of approximately £22.8 million for the six months to 30 September 2026.
The group said income was balanced across public and private mergers and acquisitions, equity capital markets and trading activity.
Cavendish was active in the London Stock Exchange's new Private Securities Market, advising on transactions including Veremark, Moneybox, Wayve and Oxford Science Enterprises.
The bank said it had maintained its position as broker to the largest number of AIM-quoted companies and continued to grow the average market capitalisation of its retained client base.
Investment in origination outside London was beginning to pay off, with a step up in new private M&A and growth capital mandates won in the period.
The outlook statement was cautious, noting that deal completion timetables remained difficult to predict despite a healthy pipeline of public and private transactions, including initial public offerings (IPOs).
The group said it would continue to exercise strict cost controls against the uncertain backdrop.
