London Stock Exchange Group revealed a revenues hit from Brexit uncertainty on Wednesday after the number of lucrative stock market floats slowed to a trickle.

A virtually barren quarter for initial public offerings (IPOs) and other fundraisings meant the LSE’s capital markets business posted a 9% drop in revenues to £97 million for the first three months of 2019. That included the height of the Brexit turmoil in Westminster as the UK faced a string of failed votes in Parliament on PM Theresa May’s deal as well as the threat of crashing out of the EU without a deal.

Strong growth from information and data services and post-trade services meant overall income for the quarter still rose, up 5% year-on-year to £546 million. But the LSE said average daily trading values were still down sharply to £4.7 billion from £6.2 billion a year earlier.

American chief executive David Schwimmer, who joined LSE a year ago, conceded that the group had faced a challenging market backdrop but that there were signs of a pick-up in new listings in the current quarter.

The group’s capital markets business recorded just 11 main market new issues in the first three months of 2019, a 42% drop on the 19 recorded a year earlier. On AIM, the figure more than halved to just five. Bankers raised around £3.5 billion of new or additional money in the period, which compared with £6.5 billion a year earlier.

The slim IPO pickings from UK companies in the quarter included AIM-listed pharma data analytics company Diaceutics and main market law firm DWF. Brexit has cast a long shadow over the UK IPO market, meaning long-awaited listings for O2, Jaguar Land Rover or Deliveroo were not risked.

The LSE still remains attractive to international companies, with UAE-based payments group Network International floating 25% of its capital on the main market at the start of April.

In contrast to London, a rush of technology start-ups have been eyeing Wall Street listings in the coming months. Ride-hailing service Lyft has already joined, while rival Uber is pitching itself to potential investors.