Greenhill profits cut in half by crunch in advisory revenues

 
Tim Wallace
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INVESTMENT bank Greenhill has missed out on the boom in deals as its profits crashed in the first half of the year, the firm’s financial results showed yesterday.

Profits came in at $8m (£4.7m) for the six-month period, down 49 per cent on the $15.5m a year earlier.

Advisory revenues fell 23 per cent to $64m.

And Greenhill’s investments division made a loss of $964,000, compared with a profit of $3.6m in the same period of 2013.

Staff compensation was slashed by 23.5 per cent to $35.1m as a result of the poor performance.

Chief executive Scott Bok said the situation should improve soon.

“The first half was relatively quiet for us in terms of transaction completions, but particularly toward the end of the quarter, we saw the beginning of the upturn we had been expecting,” he said.

Its shares fell 0.48 per cent.