LONDON (Alliance News) - Numis Corp PLC, an investment bank and stockbroker listed on London's AIM, Friday said it has made a strong start to the second half of its financial year, after reporting lower profit for the first six-month period amid market volatility in the first quarter.
In a statement, Numis said pretax profit fell to GBP11.9 million in the six months ended March 31, compared with GBP16.7 million in the corresponding period of the prior year. However, Numis increased its interim dividend to 5.5 pence from 5.0p.
Revenue fell 12% to GBP45.7 million due as lower institutional income more than outweighed an increase in corporate transaction revenue, while administrative expenses were down by 4% to GBP33.8 million on a fall in staff costs.
"Our second half has started strongly with the completion of a number of corporate transactions including equity and bond issuance as well as advisory roles on M&A transactions. Our deal pipeline is strong and our market share continues to grow," Chief Executive Oliver Hemsley said in a statement.
"At the same time, we are increasingly involved in helping early stage and growth companies access capital where we see significant innovation and opportunities to disrupt existing business models. The UK is very well positioned to benefit from revolutionary technologies emanating from universities and elsewhere. Numis is building a leading position in attracting capital to help these companies develop and achieve their potential," Hemsley said.
Numis shares were down 4.2% at 243.91 pence on Friday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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