CAVANAGH (CVH).

Investors Chronicle, July, 2006

Each of Cavanagh's consultants earns the company GBP190,000 a year or so in revenue from a high-net-worth clientele. But the group is still losing money and needs to get a grip on costs. To do that, it has streamlined its back office following the GBP3m takeover of Ernst & Young's financial management business in December 2003. On a pro-rate basis, overheads fell 20 per cent in 2005 and new finance director Ian Henson promises further improvements this year. Cavanagh's objective is to become one of the UK's top 10 independent financial advisers.

After falling sharply in 2005, the shares are on the up. Good value.