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Evolution falls into losses but confident

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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Equity market volatility and weaker IPO scene pushed Evolution into losses for the half year but the investment bank remains confident in its prospects for the full year.

Pre-tax profits for the half year came in at £315,000 versus the £3.8m profit last year on income that slipped 28% to £37.6m.

“We believe the business is well positioned to weather the current economic downturn, and remain confident in the prospects of the Group for the full year,” said the group.

Evolution Securities, its principal investment banking business, achieved total income in the first half of £17.6m, down 45% from same period last year. The group executed only one IPO and four secondary placings, which generated £5.6m against £9.2m in the same period last year.

“In line with all equity market participants our Group faces significant challenges in executing its corporate transactions and maintaining its historic growth record.,” said the group.

“However, on the basis of existing mandates within the Evolution Securities and Evolution Securities China businesses, we are confident of a stronger second half of the year for corporate finance fees,” it added.

The group said its strategy of re-aligning the business, by focussing more on international markets, has achieved a better balance and proved successful.

Interim dividend was raised 12% to 0.75p per share.

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