OS Securities, the broker and bookrunner, reported a drop in annual revenue and profits yesterday.
Revenue fell by nearly a fifth to £20.2m for the six months ending 30 June 2012, down from £25.1m in June 2011 – denting pre-tax profits to £3.5m from £5m in June last year.
Funds raised for clients also dropped substantially from £619m to £353m.
Its underlying corporate finance revenue, which includes its market making activities, underpinned the drop. Corporate finance revenues in this division fell to £12.9m from £18.3m.