IN BRIEF: Peel Hunt adds office in UAE as M&A deal pipeline grows

Peel Hunt Ltd - London-based investment bank and stock broker - Reports ‘strong start’ to its financial year that began on April 1, as market conditions improve. Peel Hunt is holding its annual general meeting on Thursday afternoon in London. It tells shareholders that first-quarter revenue was ‘comfortably ahead’ of a year before, which it notes was a strong comparison period. ‘We have seen higher revenue generation in our Institutional and notably our Execution Services businesses, together with a significant contribution from M&A transactions,’ Peel Hunt says. It has a ‘strong pipeline’ of merger and acquisition transactions that should complete in the second half of its financial year, which ends March 31 next year, ‘should market conditions be supportive’. The broker says that, while it remains to be seen whether there is a pick-up in equity issuance and initial public offerings in London, ‘investor confidence appears to be increasingly resilient’. Peel Hunt says it is set to open an office in Abu Dhabi, adding to offices in New York and Copenhagen, to increase its international distribution network.

Current stock price: 98.25 pence, up 5.7% in London on Thursday

12-month change: down 27%

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