Numis H1 profit up; CEO to step down

Stockbroker Numis reported a rise in first-half pre-tax profit as revenue grew, and announced the departure of its chief executive.

First-half pre-tax profit rose to £16.8m from £11.9m in the same period last year, as revenue grew to £56.8m from £45.7m and the company kept its interim dividend flat at 5.5p per share.

Numis said this was the highest level of revenue for a half-year period in the group’s history.

The company raised £1.2bn of funds for its corporate clients through 27 equity raisings incorporating 10 IPOs. Numis said this represents almost 9% of the total equity fund raising on the London Stock Exchange.

The second half has started well and the deal pipeline is strong, Numis said.

Chief executive Oliver Hemsley said: “The performance of the financial markets was mixed during the period but we recorded record revenues for a half-year. We have been active in both fund raising and advisory and have continued to build our high quality client base.

“By strengthening our franchise across UK companies of all sizes and investing in high quality people, Numis is growing its reputation as an advisor of choice for businesses seeking capital to grow."

Also on Friday, Numis said Hemsley, who founded the company, will step down from his role as CEO in Autumn, to be succeeded by Alex Ham and Ross Mitchinson as joint CEOs.

Hemsley said: “"Alex and Ross have worked alongside me for a number of years now and I have huge confidence in them, their vision for the firm, and their determination and commitment to its continued success."

At 0930 BST, Numis shares were up 4.9% to 219.32p.