(Alliance News) - Numis Corp on Wednesday reported lower revenue in its third quarter to June 30 as equities revenues fell on cautious investor sentiment.
Revenue in the quarter was over GBP40 million, down from over GBP50 million a year ago.
"Equities revenues were marginally below the first half run-rate reflecting the cautious investor sentiment and market declines in the period, particularly across UK small and mid-caps," the London-based investment bank explained.
Numis said that its Dublin office will open in its current fourth quarter which ends September 30. "This will see us expand our capital markets reach to non-UK issuers; expand our leading equities platform to European institutional investors looking to gain exposure to UK equities; and further capitalise on working with high-growth private companies looking for growth capital," the bank added.
It cautions that equity markets conditions will remain challenging in the final quarter, but that its mergers & acquisitions pipeline remains strong.
"We continue to perform in line with market expectations for the full year," Numis said.
Numis shares were 0.2% higher at 250.50 pence each in London on Wednesday morning.
By Tom Budszus; tombudszus@alliancenews.com
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