Broking house Numis Corporation warned that its financial performance had been hit by a recent bout of market volatility.
In a trading update for the first four months of the year, the company said its corporate broking and advisory business was performing in line with the second half of last year, but below the comparative period.
Average deal fees remained in line on-year, but transaction volumes were significantly lower and the company had completed around 25% fewer deals.
Equities had been similarly impacted, with institutional income down 25%, reflecting depressed market activity.
The trading book was marginally loss-making for the period.
'Since the start of the financial year, UK equity indices have suffered material declines and the domestic political situation has significantly impacted investor sentiment in the UK,' Numis said.
'As a result the market backdrop has been particularly challenging for our corporate and institutional clients, which has ultimately impacted our trading performance in the first four months of the year.'
At 9:54am: (LON:NUM) Numis Corporation PLC share price was -33.5p at 239.5p