Numis gloomy on 2012 despite jump in earnings

THE CHIEF executive of Numis said there is no sign of an imminent recovery in the grim state of the stockbroking market despite the firm posting a 13 per cent rise in profits.

Adjusted profit before tax hit £8.9m for the year to 30 September. The statutory profit figure – after the impact of share scheme costs, the investment portfolio and a payout relating to the Rock Well Petroleum legal case – rose three per cent to £180,000. Revenue was up four per cent at £54.2m with merger and acquisition fees up 94 per cent to £9.3m.

Hemsley hailed the performance amid “huge economic uncertainty, highly volatile markets and unrelenting competition”. He said Numis could continue to pick up more staff from rivals but when asked about possible job cuts said merely they would have an “appropriate” level of staff.