Numis lifts dividend as revenue, profits grow

Numis Corporation - the holding company of independent corporate advisory and stockbroking business Numis Securities - announced preliminary results for the year to 30 September on Wednesday.

The AIM-traded firm posted revenue growth of 15% to £112.3m, the highest level in the group's history.

Within that, the board said it saw growth across the business, with equities revenue up 15% to £38.4m and corporate broking and advisory revenue up 14% to £73.9m.

Overall staff numbers were largely unchanged, and the directors said they believe revenue per head compared very favourably to industry peers.

Profit before tax was up 25% to £32.5m, which included £3.7m of net gains on its strategic investment portfolio.

Cash generation was also strong, and Numis ended the year with cash balances of £89.0m - up from £59.6m - and net assets of £129.1m - compared to £115.5m - both record highs for the group.

The proposed final dividend was increased by 8% to 6.5p, giving a full year dividend of 12p, itself an increase of 4%.

Numis said the 12p full year dividend was the highest in the group's history as well.

Trading in the new financial year to date had been solid, the board said, with 10 capital raising transactions completed including two IPOs, and the daily revenue within equities performing well.

“Numis generated record revenues in a year when stock market performance was mixed, and market-wide corporate activity was muted,” said co-CEOs Alex Ham and Ross Mitchinson in a joint statement.

“This demonstrates the robust nature of the business, and is testament to the quality of our people and the strong relationships that we enjoy with both our corporate and institutional clients.

“Numis has built an excellent franchise and we are excited to be leading the firm to the next level.”