Advisory lull hits Houlihan

Marion Dakers
INVESTMENT bank Houlihan Lokey has posted a fresh slump in annual profits for its European business, with corporate restructuring work thin on the ground.

The restructuring specialist made profits after tax in Europe of £3.95m, down more than half from £8.1m a year ago and compared to more than £16m in 2010, due to “a lower level of financial advisory fees”, according to Companies House accounts.

Revenues fell more than 25 per cent, from £58.2m to £43.3m, in the year to 31 March 2012.

The firm did not respond to a call for comment yesterday.