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Numis profit jumps on higher investment banking, equities revenues
StockMarketWire.com
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Financial services group Numis posted a large rise in annual profit after revenue jumped in both its investment banking and equities divisions.
Pre-tax profit for the year through September almost tripled to £37.1 million, up from £12.4 million year-on-year, as revenue climbed 39% to £154.9 million.
Numis held its dividend steady at 12p per share for the fifth successive year.
On its outlook, the company said its revenue performance over the first two months of the new year had continued in line with the strong second half performance of in the 2020 financial year.
'Markets have reacted to the latest vaccine developments providing a favourable environment for our equities business,' Numis said.
'This has supported strong execution commissions and trading gains.'
The company added that private markets deal flow had continued and a recovery in M&A activity had already started to benefit its investment banking revenues.
'Brexit and the ongoing Covid-19 situation will likely present some challenges for us, and our clients in the near term, however we remain well positioned to navigate these challenges and build on our strong performance,' Numis said.
Story provided by StockMarketWire.com
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