Overview

• Net fee income fell 13% year-on-year to £72.7 million in the second quarter of 2025.
• The group’s workforce shrank by 2% quarter-on-quarter and by 14% compared with last year.
• Mainland Europe experienced the steepest drop of about 23%, while the UK fell 8% and Asia-Pacific declined 14%.
• CEO Toby Fowlston blamed heightened macroeconomic uncertainty after President Trump imposed new tariffs on trading partners.
• Shares fell 3.4% as management cautioned that hiring markets are unlikely to improve and pledged to focus resources on front-office efficiency.