The Stock Exchange announcement said that since January there has been a continued slowdown in transactional activity across a number of key markets. While the flow of new instructions continues to be strong, the average time between instruction and completion has lengthened.
In the UK a strong consultancy business is continuing to offset some of the problems facing brokerage, but in mainland Europe the company is far more exposed to the vagaries of the brokerage market and this is expected to hit performance.
However, in an attempt to reassure investors the company said its financial position remains strong and accordingly the board intends to recommend maintaining the dividend for the current financial year.
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