6 Feb 2018 07:00
Numis Corporation Plc ("Numis")
Embargoed for release 7.00 am, 6 February 2018
Numis today provides the following trading update in relation to the period from 1 October 2017. This statement is issued in advance of the Company's Annual General Meeting which is being held at 12 noon today.
Trading Update
Numis has experienced a very strong start to the year, with revenues significantly ahead of the comparable period last year and with continued momentum across the business. We have benefited from an increase in overall transaction volumes and materially higher average fees compared to a relatively slow start to the prior year.
Encouragingly, our performance has been driven by robust trading across both the Equities and Corporate Broking & Advisory sides of the business. Our retained corporate client base continues to deliver high quality transaction activity, with our revenue growth being driven predominantly by a pick-up in clients accessing the equity capital markets and greater M&A derived revenue. Of note, we acted on the $546m equity raise for Catco Reinsurance, the IPO of Sabre Insurance Group and as Financial Adviser in relation to the £281m recommended cash offer for SQS Software Quality Systems AG.
Similarly, the Equities division has continued the good performance from the second half of the previous financial year and delivered revenue materially ahead of the same period last year. MiFID II came into effect on 3 January 2018 and whilst it is too early to fully assess the likely financial impact of the regulation, we are encouraged by the level of engagement, and response from our institutional clients which we believe is indicative of the overall strength of our research, sales and execution capability.
Our current pipeline is promising, including IPOs, capital raising and M&A opportunities. Converting this will, as ever, depend on favourable market conditions continuing. However we believe the business is well positioned following a strong start to the financial year.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
6 February 2018
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Contacts
Alex Ham and Ross Mitchinson Co-CEOs 020 7260 1245
Andrew Holloway - Chief Financial Officer 020 7260 1266
Brunswick:
Nick Cosgrove 020 7404 5959
Simone Selzer 020 7404 5959
Grant Thornton UK LLP (Nominated Adviser):
Philip Secrett 020 7728 2578
Jen Clarke 020 7865 2411
Harrison J Clarke 020 7184 4384