Peel Hunt Ltd (AIM:PEEL) expressed some muted optimism about the London Stock Exchange even though it posted a loss in its latest financial year.
“We are seeing tentative signs that a recovery from the lows of the last two years is underway, and we are delighted to have supported two clients with their initial public offerings on the London market as announced this month,” said chief executive Steven Fine in a statement.
Even so, the small-cap specialist saw losses more than double to £3.3 million (£1.5 million) even though revenues rose by 4% to £85.8 million.
Investment banking sales rose by 39% to £32,6 million but there were declines in both trading and research services.
Peel Hunt is one of the few brokers to have stayed independent as equity volumes have slumped and listings in London fall to a twenty-year low.
Last year, Deutsche Bank acquired Numis, while Cenkos merged with FinnCap to form Cavendish, Panmure Gordon and Liberum became Panmure Liberum while Zeus is set to acquire WH Ireland’s markets business.
Shares fell 3% to 134p.