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Recommendations: 1
No interest in this stock then? The markets aren't exactly promising, but EVG have been raising money hand over fist recently. These transactions have all been in the last month or so:
- March Networks raised £25m - Bede raised £10m - Regal raised £44m - Alexander Mining raised £20m - Redstone raised £26m - and Powerleague are floating ; it's a bit unclear, but it looks like they're raising around £12m and placing around £15m of the founder's stake
EVG's corporate finance side had £34m total revenues in 2004. If EVG take 5% of the above £152m as their commission, then that's around £7.5m earned in just the last 4 or 5 weeks.
The Evening Standard also interviewed the CEO recently. This is the intro:
http://www.thisismoney.co.uk/news/columnists/article.html?in_article_id=399879&in_page_id=19&in_author_id=8 "The City's toughest player? 20 April 2005 EVERY so often, a City firm comes along that makes waves. It's the subject of numerous headlines, not all of them good. In champagne bars, mention of its name sparks debate and gossip. It seems to make money hand over fist and to have developed the knack of growing when others are wilting.
Currently, it's Evolution holding that position. It's the stockbroker that has come from nowhere; the one that's carved out a hugely successful business advising small and medium-sized companies and bringing many of them to the market, and now has more than 100 quoted corporate clients in little more than four years trading.
It has seen profits rocket (they more than doubled last year to £48m); is doing so well it can afford to return about £40m to shareholders in a share buyback; has taken over broking firms Christows and Beeson Gregory; and has got Lord MacLaurin, former boss of Tesco and current chairman of Vodafone on its board. When the mighty Cazenove was in its recent spot of bother, Evolution was even mooted in some circles as a likely buyer."
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