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Cavanagh profits up 23 per cent

IFA Cavanagh Group has reported an increase in EBITDA of 23 per cent to £1.078m in the six months to June 30, up from £875,000 in 2007.

Total revenues are also up by 22 per cent to £9.465m from £7.739m for the same period, cutting net debt by £755,000.

Cavanagh 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 during the first half of the year, the current market turmoil and financial climate present conditions are the most challenging we have seen and therefore we cannot be complacent.”

Fay says the group is well posittioned 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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