(Sharecast News) - Stockbroker Numis said on Friday that third-quarter revenues were materially ahead of the first half, with its investment banking and equities units delivering "strong" performances.
Numis said its investment banking division benefited from an increase in capital markets transaction volumes, which more than offset a decline in merger and acquisition deals and the absence of initial public offerings.
The AIM-listed group added that average deal fees were "significantly higher" during the quarter as it completed capital raisings for some of its larger corporate clients - such as Asos, Beazley, Ocado and Unite.
Numis' equities arm managed to maintain positive momentum achieved in the first half, as declining market volumes were more than offset by strong trading gains during the period.
"Revenue for the final quarter of the year will be dependent upon market conditions, which we expect will continue to be influenced, to an extent, by the evolving Covid-19 situation," said Numis.
"However, we currently have a good pipeline of transactions, and we expect revenue and profits for the second half will be ahead of the first half."
As of 0915 BST, Numis shares were up 2.46% at 319.67p.
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