NUMIS, the City merchant bank and stockbroker, yesterday said London’s resilient equity markets had helped it storm to strong half year profits this year.
The junior market listed broker, which handled the high profile floats of Crest Nicholson and Esure, has benefited from a ten per cent increase in secondary trading of FTSE stocks and more interest in initial public offerings.
“The IPO market has picked up and we’ve had a good share of that and built up our client base,” chief executive Oliver Hemsley said. “The equity market is buoyant at the moment. Obviously there’s always nervousness but markets are relatively fair.”
Revenues rose 39 per cent to £32.4m, delivering an adjusted pre-tax profit of £9.2m for the six months ending March versus £2.6m a year ago.
Hemsley added that despite increased market sentiment and more business activity there was still too much capacity in the City stockbroking sector.