December 4, 2019 / 7:59 AM / 10 days ago

Stockbroker Numis' revenue tanks, says UK election could hit deals

Dec 4 (Reuters) - Stockbroker and corporate adviser Numis Corporation said on Wednesday that tough market conditions in the UK and the upcoming general election would potentially hit deal-making in the short term while posting an 18% drop in annual revenue.

Revenue fell to 111.6 million pounds ($143.18 million) for the 12 months ended Sept. 30, compared to 136 million pounds a year ago, as Numis’ investment banking unit suffered from lower deal volumes and its equities division was hit by volatility.

“Market conditions and the upcoming general election will likely impact the pipeline of deals in the short-term but we remain well positioned to progress our strategy,” the company said.

$1 = 0.7794 pounds Reporting by Pushkala Aripaka in Bengaluru; Editing by Bernard Orr

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