Numis makes good full-year trading progress
Numis Corporation
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16:44 13/10/23
Numis Corporation issued a trading update for the year to 30 September on Monday, reporting that its second half trading performance was “very strong”, recording revenue 47% higher than the first half of 2017 and 38% higher than the second half of 2016.
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The AIM-traded firm said that as a result, full year revenue grew by 15% against the prior year, and it anticipated that profit would show similar levels of growth.
Its corporate broking and advisory business (CB&A) completed 98 transactions in total, up from 86 in the year before, which the board said included equity fund raises totalling £2.5bn, up 38% year-on-year.
Revenue from CB&A activities grew 15% compared to the year before.
Numis said its equities business also performed well, reporting that against a background of “generally positive” equity markets, combined institutional commission and trading revenues increased by 15% year-on-year.
It said the division was continuing to “work closely” with its institutional clients, and believed the firm was “well-positioned” as the implementation of MiFID II drew closer.
“We are pleased to report that the second half was our best on record in terms of both revenue and operating profit,” said co-chief executives Alex Ham and Ross Mitchinson in a joint statement.
“In addition, we have increased our focus on supporting unquoted companies and playing a key role in developing the capital markets which support them.”
Ham and Mitchinson said the company’s deal pipeline was “strong”, with the board remaining determined to support “ambitious companies of all” sizes seeking capital and “high-quality advice” to grow, whilst simultaneously investing in its people, platform and relationships.
“Whilst we cannot predict the direction of the market or the health of the equity issuance environment, there is good momentum in the business and we look forward to the future with confidence.”
Numis said it would announce full preliminary results for the year to 30 September on 6 December.