Blue Oar turns red and sees turbulence

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"Market conditions remain challenging and it is difficult to predict when confidence will return," Monk said. "The second half of the year is unlikely to show much improvement over the first half unless market conditions change dramatically. The outcome for the full year remains uncertain."

But he promised shareholders: "We have a greatly strengthened platform with robust finances and can look forward to a much better when the benefits of the major restructuring start to come through."

Monk said the firm had been badly hit by the drying up of new issues and takeover activity among the small and medium sized quoted companies it tends to represent.

Fee and commission income fell 31% to £6.7 million in the six months to end June. That means bonuses this year are likely to be well down on last year. The firm swung headline pre-tax profits of £2 million to losses of
£1.6 million. despite earnings per share of 1.09p turning into losses of 0.54p a share, the interim dividend is being held at 0.24p.