4th Feb 2020 12:55
(Alliance News) - Numis Corp PLC on Tuesday said it expects to deliver earnings growth amid improved market conditions and "strong" trading in the first four months of its current financial year.
Ahead of its annual general meeting, the stockbroker and corporate advisor said revenue for the four months to the end of January is in line with management expectations and "materially" ahead of the prior year.
Numis highlighted that Investment Banking revenue was ahead of the prior year due to a "material" increase in average deal fees, despite the pause in corporate activity across the market.
Year-to-date transaction volumes, meanwhile, remain in line with the prior year, the company noted, but said it expects an increased level of activity as the year progresses.
Equities has delivered a "very strong" performance, with revenue "significantly" ahead of the prior year, Numis highlighted, while Institutional income increased on the back of higher market activity following the general election in the UK in mid-December.
Looking ahead, Numis said it remains focused on executing its strategic objectives and establishing the company as a "diversified investment banking business".
The AIM-listed company said in its statement Tuesday: "Our investment across the business over recent years alongside our strong corporate client base assists in ensuring Numis is well placed to capitalise on an improvement in market conditions and deliver revenue and profit growth."
Numis shares were trading 1.2% lower in London on Tuesday at 285.50 pence each.
By Evelina Grecenko; [email protected]
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