Quayle Munro issues loss warning
Quayle Munro, the Edinburgh corporate finance adviser, has warned of a loss this financial year as a result of deals drying up.
The boutique specialist adviser issued a statement to the stock market emphasising that previous strong results would not be repeated.
It led to a sharp fall in the company's share price, down during Wednesday by 15%.
The directors' statement said that fewer transactions were to blame.
It added that during the first half of this year, which is the second half of Quayle Munro's financial year, there was also significantly lower revenue.
"This is likely to result in a pre tax loss at group level for the full financial year", it said.
The statement went on: "The board continues to be encouraged by the pipeline of new and existing advisory business, with the possibility of major transaction completions in the early months of the new financial year."
In the financial year 2010-11, the company reported a pre-tax profit of £3 million, and £3.1m the year before that.