Numis Corporation PLC (LON:NUM) has warned of a big drop in first-half revenue as a result of a "challenging" first half environment for UK equity capital market deals.
In a trading update, the City stockbroker and corporate advisor said it is expected to deliver revenue approximately 26% lower than the first half of the prior year.
READ: Brexit uncertainty hitting deal flow warns broker Numis
The company pointed out: "Equities revenues are lower than the comparative period reflecting depressed activity levels and the prevailing investor sentiment toward the UK.”
However, the group said it had benefitted from several investment banking deals in recent weeks, including capital markets transactions for Just Group and Randall & Quilter and the merger of Primary Health Properties and MedicX.
It added: “Our pipeline has grown in recent weeks with a notable increase in M&A opportunities. Notwithstanding the improvement in trading in recent weeks, execution of our pipeline will likely be influenced by the evolving political outlook and the associated impact on our corporate and institutional clients.”
The company said it will announce results for the six months ending 31 March 2019 on May 3.