Numis first half revenue grows despite market volatility

Numis Corporation posted a rise in pre-tax profit for the year as the broker’s revenue reached record levels.

In the year to the end of September, revenue from equity issuance and advisory activities was up 22% to a record high of £55.6m as total revenue grew 6% to £98m. Adjusted pre-tax profit, meanwhile, was up 7% to £32.7m.

Numis said it raised £2.1bn of funds though 38 equity raisings during the year, incorporating 11 IPOs including Autotrader, Aldermore, DFS and On the Beach.

Chief executive Oliver Hemsley said: “"The performance of the stock market was variable during the year but our high quality client base was active and our current deal pipeline is strong.

“By strengthening our franchise across UK companies of all sizes, we have established Numis as an advisor of choice for businesses seeking capital to grow."

Numis said market volatility led to the postponement of a number of IPOs during the first quarter. Nevertheless, institutional investors became more receptive to IPOs and equity raisings during the remainder of the year.