Numis expects record FY performance following 'strong' Q3 trading

Institutional stockbroker Numis said on Wednesday that it was now expecting "a record performance" for the full year after delivering a "strong" third-quarter showing.

While Numis acknowledged Q3 revenues of over £50.0m were "slightly lower than the H1 run rate", it also said the number represented "an improved performance on the comparative quarter in FY20", which featured the majority of Covid-19 related dealing seen at the firm.

The AIM-listed group stated all products across its investment banking offering were "performing well", with year-to-date deal volumes and average deal fees both "materially ahead" of their comparative periods.

Numis added that its equities business had also delivered "yet another robust revenue performance", although it admitted that market volumes and activity levels had "declined slightly" when compared to "the very strong second quarter".

"Whilst we expect deal volumes to reduce over the summer in line with the typical seasonal trend, the pipeline for the remainder of the year, and into next, remains very strong," said Numis.

"Following the very strong trading over the first nine months, we look forward to reporting a record performance for the full year."

As of 0845 BST, Numis shares were up 1.09% at 372.0p.