Cavanagh profits climb 38% in H1

H1 turnover has also climbed, up 9.5% to £7.7m, from £7m at the corresponding point last year. A £927,000 cash inflow from operating activities has enabled Cavanagh to reduce net debt to £801,000 - down from £1.6m last year. Cavanagh says the result reflects the group’s recurring income model improvements; reducing initial commission and placing emphasis on fund based and recurring commissions. Group chairman John Campbell says recurring income revenue, accounting for a quarter of all turnover, will enable Cavanagh to have “lasting success” in the IFA market. “The improved financial per...