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UPDATE 1-Numis profit triples as equity market improves
May 7, 2013 / 6:37 AM / 5 years ago

UPDATE 1-Numis profit triples as equity market improves

* H1 adjusted pretax profit 9.2 mln stg vs 2.6 mln

* H1 revenue from investment banking and broking rises almost 34 pct

LONDON, May 7 (Reuters) - British investment bank and stockbroker Numis Corp said its first half pretax profits more than tripled in the six months to March 31, thanks to improved market sentiment, especially in stock markets.

The company said adjusted pretax profit rose to 9.2 million pounds ($14.29 million) from 2.6 million pounds in the same period last year.

Revenue for the first half was up nearly 40 percent at 32.4 million versus 23.3 million a year ago.

The company, which participated in the stock market flotations of cabling equipment maker HellermannTyton, insurer esure during its fiscal first half, gave a positive outlook for the rest of the year.

“Our second half has started well with the successful completion of the IPO for Hellermann Tyton and we have a more encouraging deal pipeline than has been the case for some years,” said Numis Chief Executive Oliver Hemsley.

Revenue from investment banking and broking, its main business, also rose, jumping 30 percent to 32.3 million pounds.

The company maintained its interim dividend to 400 pence per share.

Numis shares, which have climbed almost 63 percent in the last year, closed at 148 pence on Friday valuing the company at 171.2 million pounds.

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