Peel Hunt Ltd (AIM:PEEL) has said its performance in the first quarter of the new financial year was in line with expectations against a backdrop of tough macroeconomic conditions.
In a statement ahead of its annual meeting, the investment bank said it acted as the named financial adviser on about a quarter of firm offers made for UK-listed companies during the period and also served as a book-runner on the largest UK IPO so far in 2023.
"As capital markets activity improves, we remain confident that our diversified business model, as a leading UK independent investment bank, positions us well to take advantage of opportunities that may arise," Peel Hunt said.
On Wednesday, City broking rival Numis Corporation PLC (AIM:NUM) revealed exactly how tough it has been for the independent investment banking sector, particularly those serving UK small- and mid-cap companies.
It said IPO market in London was effectively closed, while M&A activity was close to all-time lows.
In April, Numis agreed to be bought by Deutsche Bank for £410mln in an all-cash deal that values the shares at 350p each.