5th Feb 2019 17:28
LONDON (Alliance News) - Numis Corp PLC on Tuesday said it has appointed the former chief financial officer of Standard Life PLC to its board.
Shares in Numis closed down 12% at 240.00 pence on Tuesday.
Luke Savage was CFO of Standard Life - now Standard Life Aberdeen PLC - between 2014 and 2018 and has joined the board with immediate effect as a non-executive director.
Savage will succeed Geoffrey Vero, who departs with immediate effect after 15 years with the broker. Both of these board changes were announced in early December.
Earlier on Tuesday, Numis announced that its trading in the past four months has suffered from a decline in UK equity indices.
In its annual general meeting statement, the broker revealed it completed approximately 25% fewer deals at the start of its current financial year, compared to the first four months of the prior year.
"Corporate Broking & Advisory is performing in line with the second half of the previous financial year but below the comparative period. Average deal fees remain in line with the prior year, however, transaction volumes are significantly lower across the market," Numis said.
"Equities has been similarly impacted, Institutional income is approximately 25% lower than the comparative period reflecting depressed market activity levels, and our trading book is marginally loss making for the period."
The company said that despite the difficult conditions in the market, it is committed to execute its strategy and to provide "access to high quality and insightful advice" to its clients.
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