Numis Corp confident in FY outturn
Shares in City broker Numis Corporation are little moved after it said it remained confident in the outturn for its full-year, but noted total income in the second half would be moderately below that achieved in the first.
Financial Services
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16:59 26/04/24
FTSE AIM 100
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FTSE AIM All-Share
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Numis Corporation
343.00p
16:44 13/10/23
"We have a number of corporate transactions which are due to complete in April 2017 and based on the strength of our pipeline, we remain confident in the outturn for the full year," the company said in a trading update for the six months to 31 March.
Numis said the steady rise in UK equity markets was helpful to its Equities revenues, which included institutional commissions and trading. These were continuing to outperform historic levels.
"Conversely, we have seen a paucity of primary equity issuance in the UK market as a whole and the increase in M&A activity has yet to fully benefit our top line," said Numis.
"Whilst we are not immune to such conditions, the corporate side of our business has experienced higher transaction volumes in non-primary activity than the same period last year, reflecting the quality of our client base."
Numis also said that net income from its strategic investments had outperformed the first half of 2016.
It continued to explore opportunities for re-cycling the portfolio where it saw attractive investment propositions, which were also strategically relevant.
"As a result, total income will be moderately below the first half of last year," the broker said.
At 14:50 GMT, shares in AIM-quoted Numis were up 0.51% to 245p each.