**Summary of Peel Hunt Limiteds Interim Results for H1 FY26 (Six Months Ended 30 September 2025)**
Peel Hunt Limited reported strong financial and strategic progress in its interim results for the first half of FY26, despite challenging market conditions over the past three years. The company achieved significant growth in revenue and profitability, supported by strategic initiatives and operational efficiency.
**Key Financial Highlights**
**Revenue Growth** Group revenue increased by 38.3% to £74.4 million (H1 FY25: £53.8 million).
**Profitability** Profit before tax surged by 858.3% to £11.5 million (H1 FY25: £1.2 million), while adjusted profit before tax rose by 306.5% to £18.7 million (H1 FY25: £4.6 million).
**Net Assets** Net assets grew by 13.5% to £100.7 million (FY25: £88.7 million), though cash balances decreased to £13.6 million (FY25: £20.4 million) due to debt repayment and increased investment in the trading book.
**Cost Management** Fixed costs were reduced by approximately £5.0 million for FY26, with headcount down by over 15% from its peak in FY23.
**Divisional Performance**
1. **Investment Banking** Revenue increased by 45.6% to £32.9 million, driven by strong performance in equity capital markets (ECM) and M&A advisory. Peel Hunt was the most active investment bank in UK ECM with a 17% market share and ranked third in UK public M&A league tables.
2. **Research & Distribution** Revenue grew by 2.2% to £13.9 million, supported by continued investment in distribution capabilities, including the opening of Peel Hunt Middle East in Abu Dhabi.
3. **Execution Services** Revenue surged by 56.8% to £27.6 million, marking its best half-year performance since the Covid lockdown period, driven by market opportunities and proprietary technology investments.
**Strategic Progress**
Focused on evolving the corporate client base towards mid-cap and growth companies, with the average market capitalization of clients nearly doubling to over £1 billion.
Strengthened M&A advisory capabilities, with M&A fees accounting for approximately 70% of Investment Banking deal fees in H1 FY26.
Expanded global presence with new offices in Abu Dhabi, complementing existing locations in London, New York, and Copenhagen.
**Outlook**
The company started the second half of FY26 strongly, with robust performance across M&A and ECM mandates. Management expressed confidence in meeting market expectations for the full financial year, supported by a leaner cost base and strategic growth initiatives.
**Management Commentary**
CEO Steven Fine highlighted the Groups strong financial performance, strategic progress, and the successful execution of value-creating transactions for clients. He emphasized the companys focus on sustainable profitability and its ability to navigate challenging market conditions.
**Conclusion**
Peel Hunt Limited demonstrated resilience and growth in H1 FY26, driven by strategic initiatives, operational efficiency, and strong divisional performances. The company is well-positioned to capitalize on future opportunities, supported by a robust balance sheet and a focus on long-term profitability.
| Metric | H1 FY26 | H1 FY25 | Change |
|---|---|---|---|
| Revenue | £74.4m | £53.8m | 38.3% |
| Profit before tax | £11.5m | £1.2m | 858.3% |
| Adjusted profit before tax | £18.7m | £4.6m | 306.5% |
| Net assets | £100.7m | £88.7m | 13.5% |
| Cash balances | £13.6m | £20.4m | (33.3%) |
| Long-term debt | £6.0m | £9.0m | (33.3%) |
| Investment Banking revenue | £32.9m | £22.6m | 45.6% |
| Research & Distribution revenue | £13.9m | £13.6m | 2.2% |
| Execution Services revenue | £27.6m | £17.6m | 56.8% |