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Numis Corp notes deteriorating market backdrop across banking industry

5th Jul 2023 10:32

(Alliance News) - Numis Corp PLC on Wednesday said that revenue in the third financial quarter that ended on June 30 was below the first half-run rate.

The London-based investment bank said this reflected a worsening market backdrop across the investment banking industry amid more challenging financing markets.

Nuis said that market revenue is "materially below the financial 2022 comparative period" due to weaker year-to-date capital markets.

Meanwhile, Numis expects its GBP410 million takeover by Deutsche Bank AG to complete in the last quarter of 2023.

Looking ahead, Numis said: "We expect macro-economic concerns to persist and restrict deal volumes across all investment banking products in the final quarter of FY23, however our balance sheet position remains strong with both liquidity and capital positions providing a stable foundation to the business. We remain focused on growing the corporate client base, engaging with all our clients across the business, and building the pipeline to ensure we are well positioned for further growth when market conditions improve, and deal volumes recover."

Numis shares were 0.2% higher at 333.00 pence each on Wednesday morning in London.

By Tom Budszus, Alliance News reporter

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