No Brexit woes for Numis as shares and sales jump
Numis has become one of the latest firms to shake off Brexit woes, with a trading update today revealing revenues had rocketed despite uncertainty caused by the EU membership vote.
The figures
The stockbroker and investment bank announced that revenue from its core activities had grown 14 per cent compared with the year before.
In particular, combined revenue from equity deals and advisory activities increased by 15 per cent, while institutional commission and trading revenues grew by 13 per cent.
The group also acted on a total of 46 equity deals in the year, raising just slightly under £1.9bn in funds.
Shares are trading up 4.2 per cent at 228.25p at time of writing.
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Why it's important
Any business with close ties to the stock market had a tough time in the lead up to the referendum, and matters improved little after the Leave vote was revealed, as the markets showed just how volatile they could be.
However, Numis today revealed it had weathered the storm rather well, completing 19 equity raises during the second half of the year, including three IPOs.
Preliminary results for the firm for the full year to September are expected 7 December.
What Numis said
Alex Ham and Ross Mitchinson, co-chief executives, said:
It is pleasing to report that, following a record first half, the business continued to perform well during our second half despite the market-wide impact on equity issuance following the Brexit vote.
Our current deal pipeline is encouraging and we remain determined to support UK companies of all sizes seeking capital to grow, whilst simultaneously building long-term relationships with companies and investors.
In short
Brexit market woes? What Brexit market woes?