Numis Corporation - Trading Update
Numis is expected to report revenue approximately 10% higher than the first half of the prior year. The six month trading period commenced during a period of elevated political uncertainty and ended with global markets suffering significant declines in reaction to the COVID-19 pandemic. The window available to execute transactions during the first half was therefore limited, resulting in subdued Investment Banking deal volumes for the period although this was partially offset by an increase in our average fee. As such, Investment Banking revenues are expected to be marginally below the comparable period.
Equities delivered a materially stronger performance, more than offsetting the Investment Banking revenue decline. Execution revenues benefited from an improvement in activity levels subsequent to the
Operationally we responded to COVID-19 promptly and successfully implemented comprehensive remote working capability which has enabled us to ensure both the safeguarding of our staff and the ability to continue servicing our clients across the business throughout this period of uncertainty.
We are working closely with our corporate clients to assess the impact of COVID-19, and the unprecedented disruption that many of them are currently experiencing. Whilst it is too early to predict the timing of a recovery in our Investment Banking pipeline, we are committed to supporting our corporate clients as they consider any actions they may implement to insulate and protect their businesses amid such uncertainty.
Numis benefits from a strong liquidity and capital position. Our cash balance is currently higher than the position reported at year end, in addition we have an undrawn, committed credit facility of
Due to the ongoing COVID-19 situation and in view of recent regulatory communications regarding financial reporting, the announcement date of Numis' half year results for the six months ending
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014
Andrew Holloway, Chief Financial Officer 020 7260 1266
Nick Cosgrove 020 7404 5959
Simone Selzer 020 7404 5959
Philip Secrett 020 7728 2578
Harrison Clarke 020 7865 2411
Niall McDonald 020 7728 2347
Notes for Editors
Numis is a leading independent investment banking group offering a full range of research, execution, corporate broking and advisory services to companies and their investors. Numis is listed on AIM, and employs approximately 280 staff in London and New York.
This information is provided by RNS, the news service of the
Quick facts: Numis Corporation
Market Cap: £317 m
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