Share has once again taken market share (8.41% of peer group revenue in Q315 vs 8.16% in Q215 and 7.62% in Q314), continuing its multi-year trend. However, trading conditions remain challenging with market dealing commissions falling, regulatory pressure on fees and maturing high rate accounts being reinvested at lower yields. Overall revenue was down 1% on Q314 and, taking account of a continuation of this subdued trading for the rest of the year, we have reduced our estimates.
