24 July 2018 -, trading statement
The company has revealed that revenues in the current year will be well down on last year due to the fact that 2017 included some unusually large fees. Market volatility had meant that the first quarter revenues were disappointing and although there has been some recovery in the second quarter, several transactions that were expected to complete in June did not in fact conclude until July. A better performance is expected in the second half although the interim results due to be announced in September will clearly disappoint. Longer term prospects look more encouraging though and we believe the shares are a HOLD ahead of these.