Numis Corporation PLC (LON:NUM) shares dipped 2.69% to 235p mid-morning as political turmoil keeps stock markets under the weather.
The stockbroker is expecting revenues to fall by nearly a fifth and to report a “somewhat greater fall” in profit for the year to September.
READ: Numis blames Brexit uncertainty for plunge in profits
First-half profits slumped 64% to £7.1mln with revenue down 25% at £55.7mln.
The unfavourable UK conditions were offset by growth in private market business, such as the raise of £374mln (US$460mln) for Swedish fintech business Klarna.
Numis added the challenging market was also allowing it to expand the corporate client base, which grew from 210 to 217.
A head office relocation is scheduled for the second half of 2021 as the broker's headcount has doubled over the past decade and this will add £3mln to property costs.
“Whilst prevailing market conditions are difficult, we have a very strong balance sheet and exceptional people serving an enviable list of retained corporate clients and high-quality institutions,” said co-chief executive Alex Ham.
“We are well-positioned to continue to capture greater market share and we will continue to focus on executing our long-term strategy to build a more diversified investment banking business.”