(Alliance News) - Numis Corp PLC said on Tuesday that the start of its financial year has seen a continuation of the tough market conditions experienced in its previous one.
Numis said there has been subdued levels of equity issues and deal-making. As a result, the investment bank said its revenue run-rate outcome in the four months to January 31 was similar to the second half of the prior year.
Nonetheless, shares were up 9.1% at 239.00 pence each in London on Tuesday afternoon.
AIM-listed Numis highlighted an uptick in its equities business, which delivered revenue slightly ahead of the second half run-rate last year. This was helped by a significant rally in UK small and mid-cap indices, as well as improved investor sentiment.
"Momentum in our advisory business has been maintained with a number of high-profile M&A transactions closing in recent weeks; the near-term pipeline continues to be strong," Numis said.
Numis added that it is well-positioned for when volumes do recover. It is encouraged by the recent market performance, which has contributed to improved institutional appetite for both primary and secondary offerings.
By Jeremy Cutler, Alliance News reporter.
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