(Sharecast News) - Investment bank Numis warned on Friday that full-year results would show a mid-to-high teens percentage decline in reported revenue and a "somewhat greater" fall in profit after a difficult year.
Numis said the "political uncertainty and challenging market conditions" that plagued its first-half performance had persisted throughout the second half of the trading year.
However, the AIM-listed group now expects a "reasonable" second-half performance, delivering revenues in line with the first half and slightly behind the comparable period despite significant declines in UK equity capital markets volumes and trading activity.
Investment banking revenues were hit by lower deal volumes, while equities saw an improved second-half performance predominantly due to a better trading book performance.
Execution revenues and research payments remained consistent with the levels achieved in the first half, while an increase in revenue attributable to private markets transactions partially offset a "significant decline" in UK listed capital markets activities.
Co-chief executives Alex Ham and Ross Mitchinson said: "2019 was a challenging year, characterised by market share gains but depressed activity levels across both investment banking and equities.
"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."
As of 0915 BST, Numis shares had dipped 0.83% to 239.50p.