LONDON (Alliance News) - Numis Corp PLC on Wednesday said that revenues from equity issuance and advisory activities reached their highest level in the stockbroker and corporate advisor's history, helping to drive up profit.
Pretax profit rose by 7.0% to GBP26.1 million in the year ended September 30, as revenue improved by 6.0% to GBP98.0 million. Equity issuance and advisory activities contributed GBP55.7 million of that revenue, Numis said, with institutional commission and trading income making up the remainder. Numis lifted its dividend for the year as a whole to 11.5 pence from 10.5p.
"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," Chief Executive Oliver Hemsley said in a statement.
Moreover, Hemsley said that the new financial year had a strong start, with the completion of 12 fund raises, half of which were initial public offerings, although he remains wary of the company's "sensitivity" to periods of increased volatility seen of late in equity indices.
"We believe there remains an appetite for high quality IPOs supported by greater levels of M&A returning cash to investors. Our focus has always centred around the quality of our corporate client list, servicing our clients well and building trusted relationships with institutions. This strategy has helped to ensure that the firm remains well positioned to enjoy future success," Hemsley said.
Shares in Numis were down 1.1% at 264.90 pence on Wednesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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