5th Feb 2019 08:53
LONDON (Alliance News) - Numis Corp PLC on Tuesday said that trading over the past four months has been hampered by material declines in UK equity indices due to a challenging domestic political situation.
Numis shares were down 5.1% trading at 259.00 pence.
In its annual general meeting statement, the broker revealed it completed approximately 25% fewer deals at the start of its current financial year, compared to the first four months of the prior year.
"Corporate Broking & Advisory is performing in line with the second half of the previous financial year but below the comparative period. Average deal fees remain in line with the prior year, however, transaction volumes are significantly lower across the market," Numis said.
"Equities has been similarly impacted, Institutional income is approximately 25% lower than the comparative period reflecting depressed market activity levels, and our trading book is marginally loss making for the period."
The company said that despite the difficult conditions in the market, it is committed to execute its strategy and to provide "access to high quality and insightful advice" to its clients.
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