Peel Hunt (PEEL) H2 2025 earnings summary

Executive summary

• Revenue grew 6.4% year-over-year to £91.3m, with diversified income streams across investment banking, execution services, and research.

• Adjusted profit before tax was £0.8m, reflecting cost rationalisation amid challenging market conditions.

• Market share increased, trading 17.8% of LSE volume, and client base quality improved with average client market cap rising to £869m.

• Continued advocacy for UK market reforms and successful launch of RetailBook as an independent entity.

Financial highlights

• Group revenue reached £91.3m (FY24: £85.8m), up 6.4% year-over-year.

• Adjusted profit before tax was £0.8m, after exceptional restructuring and share-based payment costs.

• Execution Services revenue rose 13.6% to £33.7m; Research & Distribution revenue up 10.5% to £26.1m.

• Investment Banking revenue slightly declined to £31.5m (FY24: £32.6m).

• Net assets stood at £85.7m; cash balance at £20.4m.

Outlook and guidance

• Expectation of further cost reductions in FY26, with a 5% decrease in fixed cost base from ongoing rationalisation.

• Anticipate continued investment in strategic priorities and expansion, including new Abu Dhabi office.

• Cautious optimism for UK market reforms to stimulate growth and support listed markets.