Peel Hunt warns of profits slump as deal delays hamper performance
Shares in British broker Peel Hunt plunged more than 13 per cent this morning after bosses said it expected full year profits to slump below expectations, as deal delays and a trading slowdown hampered performance.
Bosses at Peel Hunt, which debuted on public market in September last year, warned that investors had got the jitters over inflation worries and geopolitical tensions, including the Russia-Ukraine conflict, which had led to a slowdown.
“The backdrop for capital markets activity has been particularly challenging,” the London-listed company said in a statement, with markets continuing to grapple with lower investor confidence due to the Omicron variant of the coronavirus.
The firm’s investment banking division is still expected to deliver record revenues for last year, bosses said, as it continued to boost corporate client numbers.
In December, the firm reported interim pretax profit of £29.5 for the six months ended September 28, and had said it was on track to meet its full year outlook.
The September trading update came just before the firm listed on London’s junior AIM market at the end of the month for £280m.