Last checked at 23 Feb 2022 07:00
23 February 2022
Peel Hunt Limited
("Peel Hunt" or the "Company")
Trading Update
Peel Hunt, a leading UK investment bank, is today providing a trading update for the financial year ending on 31 March 2022 ("FY22"), a further update on revenues will be provided on or around 31 March 2022.
Since the start of the calendar year, concerns in relation to inflation and interest rates as well as global geopolitical events have negatively impacted market conditions and investor sentiment. As a result, the backdrop for capital markets activity has been particularly challenging.
We continue to have a strong pipeline of corporate transactions, but have seen a number of deals delayed. Our Investment Banking division continues to win high quality corporate clients, with the total number growing to 163, and is expected to post record full year revenues.
Whilst there has been a slow-down in Execution & Trading activity, full year revenues in that division continue to compare favourably with pre-pandemic levels. Our Research & Distribution business continues to win market share and has performed in line with expectations.
As a consequence of delays to the Investment Banking pipeline, beyond 31 March 2022, and Execution & Trading performance in Q4 of FY22, the Company now expects full year revenue to be marginally below the bottom of the previously guided range and accordingly earnings will be commensurately lower than current market expectations.
We continue to invest in the business to drive long term growth and have made good strategic progress in a number of key areas including development of our proprietary technology, the roll out of our digital strategy and towards establishing a platform in the EU.
For further information, please contact:
Peel Hunt via Engine MHP
| +44 (0)20 3128 8100 |
Steven Fine, CEO
Sunil Dhall, CFOO | |
| |
Engine MHP (Financial PR)
| +44 (0)20 3128 8540 |
Andrew Jaques
| |
Charlie Barker
| peelhunt@mhpc.com |
Rachel Mann
| |
Robert Collett-Creedy
| |
Grant Thornton UK LLP (Nominated Adviser)
| +44 (0)20 7728 2942 |
Colin Aaronson
| |
Daphne Zhang
|
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU No. 596/2014) (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Notes to editors:
Peel Hunt is a leading specialist in UK Investment Banking, ranked number one broker for UK mid and small-cap companies in Institutional Investor's latest Europe Survey. Our purpose is to nurture and guide people through the evolution of business. We achieve this through a proven, joined-up approach that consistently delivers value to UK corporates, global institutions and trading counterparties alike.
We have 163 corporate clients (including 33 in the FTSE 100 and FTSE 250), with an average market capitalisation of approximately £700m. Our award-winning research is distributed to over 1,245 institutions across the UK, Europe and US. Our trading platform makes markets in over 10,000 instruments in 38 markets and is an increasingly important provider of trade execution services to the UK retail platforms and brokers.