Profits at Gleacher Shacklock have dived after Brexit concerns shook the boutique investment bank's finances.
Revenue for the year to December 2016 fell from £25.5m to £16.0m, while operating profit fell to £7.8m from £16.7m in 2015.
In a filing with Companies House the firm said:
The impact of a generally more challenging external market environment, affected in particular by the uncertainties created by the Brexit referendum, is reflected in an overall decline in the firm's 2016 revenue.
Gleacher Shacklock said that despite tough markets it had delivered a number of significant mandates during the year.
It advised Coller Capital on its investment in SVG Capital. Coller supported a hostile takeover bid by US fund HarbourVest in Autumn last year. A public tussle that included a number of counter-proposals ended with HarvourVest taking control in a £1.1bn deal.
Despite a challenging 2016, it is understood 2017 has boded well for the boutique bank with a significant uptick in revenues over the first half of the year. It has also made a number of new hires including former BAE Systems chief executive Ian King
The bank's cash balances reduced from £18.2m to £6.9m, which included £4.9m being introduced by members.
The firm was founded by Tim Shacklock in April 2003 in partnership with the US company Gleacher & Co. In 2005 the firm's London bought out the business and it has traded as a partnership since that date.