1st Oct 2014 07:28
LONDON (Alliance News) - Numis Corp PLC Wednesday saw its shares fall in early trade after the stockbroker said its performance in the second half had underperformed the year earlier due to lower market volumes.
Numis said full year revenue from its core businesses increased 19%, but said its second half to end-September performance was weaker than the comparable period a year earlier amid lower volumes in the market.
The company said it successfully completed 21 equity issuances in the second half, including 11 initial public offerings. The total number of transactions in the full year to September 30 is 44, comprising 44 IPOs and total funds raised exceeding GBP2 billion.
The group said its secondary business performed well over the year. Combined institutional commission and trading revenues in the full year were ahead year-on-year, Numis said.
Numis will announce its preliminary results for the year to September 30 on December 4.
"The improving economy has led to an increase in confidence amongst our clients and an increased willingness to engage in corporate activity. This bodes well for the prospects for M&A and IPO activity in the coming year," Numis Chief Executive Oliver Hemsley said.
Numis shares were down 7.9% to 244.87 pence in early trade on Wednesday, making it one of the worst performers on the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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