The company said yesterday revenues fell from £73.1million to £57.6million for the four months to April on the back of “very limited activity” in its share issuing division.

Its shares fell 3p to 103.5p as it also warned markets were likely to remain challenging for the rest of the year.

In a trading statement, the firm said its diversity helped offset the loss of business on the junior listings market. It had gained market share in its securities business, while its wealth management business had “performed solidly”.

Corporate advisory arm Hawkpoint reacted to the credit crunch by focusing on smaller mergers and acquisitions and dispensing more advice on debt and restructuring.

The London Stock Exchange said the number of companies joining Aim had almost halved from 76 to 41 during the four months to April.

The amount they had raised had also plummeted: from £1.6billion to £374.5million.