(Alliance News) - Stockbroker Numis Corp said Friday it expects profit and revenue for the second half of its financial year to the end of September to be ahead of the first half, due to a good pipeline of transactions.
For the third quarter to the end of June, Numis's revenue was materially ahead of each of the two previous quarters, due to strong performances in both Investment Banking and Equities.
Investment Banking was buoyed by a rise in capital markets transaction volumes, more than offsetting the decline in merger & acquisition deals and initial public offerings.
Also, average deal fees were substantially highern as Numis completed capital raisings for larger corporate clients such as ASOS PLC, Unite Group PLC and Ocado PLC.
Meanwhile, the Equities arm kept up its positive momentum achieved in the first half. Strong trading gains more than offsetting a decline in market volumes from elevated highs at the peak of the Covid-19 pandemic.
"The strong performance in recent months is a result of our long-term commitment to building a high-quality corporate client list, combined with the extraordinary dedication of our staff who have continued to support our clients and successfully execute transactions, whilst working remotely during very challenging times," Numis commented.
Shares in Numis were up 2.4% at 319.50 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
