Numis Corp, Peel Hunt Ltd and WH Ireland Group Plc all said that capital market transactions remained sluggish, according to separate statements Monday.

Peel Hunt, which is a mid-to small-cap investment bank, said revenue for the year to March 31 would drop about 37% to £82 million (US$101 million), “with capital markets activity at historic lows”.

Numis expects revenue for the six months through March to decline 14% to about £64 million. It also used the phrase “historic lows” to describe equity issuance in the UK.

Deterred by high inflation, interest rates and threats of a global recession, new London listings are getting rare, somewhat in line with a global drop. Just two tiny companies have floated in the City in the first three months of the year, raising only US$7 million, marking the worst quarter for global financial capital in two decades, according to data compiled by Bloomberg.

WH Ireland said trading for the twelve months through March 31 would be below management’s earlier expectations as the lack of transactional activity across capital markets continues into 2023.

Shares in Numis slipped as much as 2.7% Monday, Peel Hunt fell 2.8% and WH Ireland dropped 7.9%.