Numis leaps as new mandates boost outlook
SHARES in broker Numis jumped more than 11 per cent yesterday as investors reacted well to a bullish statement from the firm, which said it had seen an improvement in its corporate pipeline.
In the last quarter, the firm has won several significant new clients including insurer Amlin and construction group Morgan Sindall, taking its total roster to 141 clients.
Chief executive Oliver Helmsley told City A.M. that sentiment was improving as companies become more comfortable with ongoing turmoil across the Eurozone.
“Until a little while ago firms were waiting for an improvement – now they’re just getting on with things,” he said.
“We’ve got a strong balance sheet and are well-positioned to make the most of the recovery when it comes,” he added.
Total revenues for the six months to the end of March were £23.3m, compared to £26.5m in the same period last year. Total pre-tax profit dipped to £2.6m, from £4.1m in 2011.