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Brokerage company Peel Hunt reported a slump in first-half profit, owing to costs of its initial public offering, and a slump in revenue as trading activity normalised from levels seen during the pandemic.
For the half year ended 30 September, pre-tax profit fell to £29.5 million from £56.6 million a year earlier as revenue slipped 23.4% to £71.4 million.
The company attributed the fall in profit to one-off costs of £4.1 million including £1.2 million of staff costs relating to the reorganisation of the group's corporate structure, and £2.9 million of non-staff costs relating to the IPO.
Net assets were in-line with last year's £50.0 million.
'We continue to grow our number of retained Investment Banking clients and have a healthy deal pipeline with a strong balance of transactions,' the company said.
'We're well positioned to execute our growth plans, which include opening a European office to support our growing distribution franchise across the continent. We remain on track to deliver on our budget for the year.'