(Reuters) – Peel Hunt, a British broker, stated Wednesday that full-year earnings are expected to disappoint analyst expectations. This was due to deal delays at its investment bank unit and a slowdown within its trading division. The result has sent Peel Hunt’s shares down more than 13% in early trade.

According to the company’s September market debut, investor sentiment was negatively affected by global geopolitical events and inflation concerns, as well as recent Russia-Ukraine conflicts.

The London-listed company stated that “the backdrop for capital market activity has been especially challenging”, as the markets face lower investor confidence because of Omicron virus.

Peel Hunt said that it expected to still post record revenues for its investment banking division as it continues to witness a rise in corporate clients.

In December it reported interim pretax profits of 29.5 million pounds ($40.14million) for the six-month ended Sept. 28. It also stated that its outlook for full year was in good shape.

($1 = 0.7349 pounds)