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Cavanagh ‘not complacent’ as profits up 23%

IFA Cavanagh Group saw profits increase by 23 per cent to £1.078m in the six months to June 30 from £875,000 in the same period last year.

Total revenues were up by 22 per cent to £9.465m from £7.739m, cutting net debt by £755,000. The firm says it is well placed to capitalise on the challenging market environment by providing much needed financial advice to clients and attracting new consultants.

Cavanagh acquired the trade and assets of Edinburgh-based JRG Financial Consultancy last November and corporate business now accounts for around a third of total revenue.

Chairman Andrew Fay says: “Cavanagh has achieved another good performance in the first half of 2008, generating increased revenue and profitability. Although we are pleased with the progress made, the current market turmoil and financial climate present conditions are the most challenging we have seen and therefore we cannot be complacent.”

Cavanagh believes it is well positioned to ride out the uncertain climate after two years of improved financial performance but expects the second half of 2008 to be “challenging but similar to the first six months”.

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