City broker Numis PLC (LON:NUM) warned today that business has been difficult over the past four months but it expects a rebound once the political situation becomes clearer.
Corporate transactions have dropped by 25% while trading book volumes are down by a similar amount pushing the institutional business into the red.
READ: Numis Corp sees full-year profits fall, cautions over increasingly challenging markets ahead
Demand for research is holding up, however, said the broker even with the restrictions imposed by the new MIFID guidelines.
“We continue to win high-quality corporate clients who recognise the strength of our integrated model and quality of our people.
“We have a good pipeline of opportunities, and would expect to see a meaningful increase in revenue, as and when there is greater clarity regarding the UK macro-economic and political landscape,” said the statement.
Shares eased 3% to 264p having rallied strongly since the start of 2019.