Stock brokers Cenkos and Numis hit as London floats dry up

City brokers Cenkos and Numis revealed the barren desert of stock market listing fees today after London’s almost total dearth of flotations.

Cenkos failed to emulate deals such as the AA or BCA Marketplace floats of recent years, causing full-year revenues for last year to plunge by 43% to £43.7 million.

Chief executive Jim Durkin said “lower equity fundraisings for our corporate clients” was behind the drop.

Profits limped in at £4.4 million, down from nearly £20 million last year. But costs also fell to £39.4 million from £56.7 million as the group’s “eat what you kill” bonus pot shrunk.

Numis said total income for the half year ending today was “moderately below” last year because of a “paucity” of listings. A string of deals which are due to complete next months will keep it on an even keel, it said.

UK initial public offerings are at a five-year low, with Brexit uncertainty putting many off floating in London.

Around $1.5 billion (£1.2 billion has been raised so far this year, 28% lower than by the same time last year.