Numis Corporation PLC first-half profits jump 325% as UK equity market roars back
The stockbroker and corporate advisor said IPO volumes over the past six months had been at their “strongest level for many years”, while M&A volumes have started to recover
PLC () has been boosted by the strong recovery of the UK equity market.
Buoyed by a more than doubling in investment banking income, revenues in the half-year to March 31 jumped 83% to £115.4mln while underlying profitability grew by 325% to £38.8mln.
Stockbroker and corporate advisor Numis said IPO volumes over the past six months had been at their “strongest level for many years”, while M&A volumes have started to recover, driven by domestic and international buyers.
“Whilst in the current environment there remains some short-term uncertainty, the business has great momentum, and the pipeline is strong,” said co-chief executives Alex Ham and Ross Mitchinson.
“Execution of our capital markets pipeline will be influenced by equity market conditions but the outlook for the second half is encouraging.”
The company has maintained its dividend at 5.5p a share having bought back stock worth £11.5mln.
It said it plans to open a Dublin office offering a “strategic opportunity to leverage capital markets capabilities in Europe”.
Read More: Numis Corporation PLC first-half profits jump 325% as UK equity market roars back