Panmure Gordon shares crashed this morning, after the stockbroker and investment bank warned tough market conditions meant it will make a loss this year.
Shares in the company fell as much as 40 per cent to 50.2p per share at the open, taking the decline to around 60 per cent since the beginning of this year.
In a trading update to the London Stock Exchange, Panmure Gordon said companies pushing deals back into the next year meant it would book a loss after tax of around £4m to £4.5m.
"Deferment of deal-flow has led to a disappointing end to the year, however we look forward to an encouraging start to the first half of 2016," Phillip Wale, chief executive of Panmure Gordon, said.
The company's shares were last down 23.5 per cent at 63.5p per share.