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Numis profits soar threefold

INVESTMENT banking and stockbroking group Numis has played a blinder over the first half of the year, raking in profits that were well over three times higher than those it recorded over the same period in 2009.

Numis said it had attracted 15 new corporate clients over the first half, bringing its total to 126 and helping bump up adjusted pre-tax profit to £9.4m, compared to £2.8m in the first half last year.

Revenues jumped 63 per cent to £31.3m.

Numis said it had raised a total of £908m for its clients through 18 transactions, including three initial public offerings.

The firm has also been busy building up a new debt capital markets division, which chief executive Oliver Hemsley described as a “key growth area” going forward.

Numis completed its first corporate debt issue during the period on behalf of FTSE 250 lender Provident Financial.

Hemsley insisted the group would focus on steady organic growth in the future, rather than eyeing up consolidation opportunities in the sector along with many of his small to mid cap-focused peers.

“If something compelling came up then obviously I would have a look at it, but the road to business success in stockbroking doesn’t seem to be littered with lots of acquisitions and mergers,” he said.