Peel Hunt (PEEL) H1 2026 earnings summary

Executive summary

• Achieved a 38% year-over-year revenue increase to £74.4m for H1 FY26, reflecting strong performance across all business lines and successful diversification strategies.

• Significant progress in strategic initiatives, including evolving the client base, expanding M&A capabilities, and investing in technology and international distribution.

• Execution Services revenue rose 57% to £27.6m, with market share in LSE trading volume increasing to 18.8%.

• Investment Banking revenue grew 46% to £32.9m, driven by robust M&A activity and high-profile client wins.

• Net assets increased to £101.7m, supported by profitability and disciplined capital management.

Financial highlights

• Total revenue for H1 FY26: £74.4m (H1 FY25: £53.8m), up 38.3%.

• Profit before tax increased 858.3% to £11.5m (H1 FY25: £1.2m); adjusted profit before tax up 306.5% to £18.7m.

• Profit after tax was £8.3m, up from £0.7m year-over-year.

• Adjusted staff costs rose 22% to £35.9m, reflecting higher variable remuneration.

• Cash position at period end: £13.6m, down from £20.4m at FY25 due to debt repayment and trading book investment.

Outlook and guidance

• Strong start to H2 with continued robust performance in Execution Services and successful investment banking transactions.

• Optimism for the remainder of FY26, with cost discipline expected to reduce fixed costs by £5m year-over-year and confidence in meeting market expectations.