IFA business Cavanagh listed on AIM last September, raising £1.1m net on admission. The business is led by three thirtysomething IFAs from Royal Insurance, who set up the partnership in 1996. In the 12 months to October 2001, the group achieved turnover of £1.8m and made a pre-tax profit of £210,000. The only major developments since the float are the opening of an office in Guildford and the appointment of six sales advisers. Financial forecasts for the current year are due out shortly.