Peel Hunt made a loss of £3.3m, even as investment banking fees improved, as the UK-focused investment bank struggled against a dearth of listings and high costs.

The investment bank’s loss for the fiscal year to 31 March 2024 widened from £1.5m 12 months earlier. Revenue of £85.8m was up by 4%, driven by a sharp increase in dealmaking fees for the period.