Numis Corp. PLC said it expects lower revenues and profit for the full year ending Sept. 30, on the back of persisting political uncertainty and challenging market conditions in the U.K.
The British stockbroker said the drop in reported revenues for the period will be in the mid to high teens percentage compared to a year earlier, with profit expected to decline by a "somewhat greater" amount.
Investment banking revenues were hit by lower deal volumes, Numis added. The company noted, however, that revenue attributable to private markets transactions partially offset a significant drop in U.K.-listed capital markets activities.
Co-CEOs Alex Ham and Ross Mitchinson said "2019 was a challenging year, characterized by market share gains but depressed activity levels across both investment banking and equities."
Numis will announce preliminary results for the year Dec. 4.
