Numis falls on second-half disappointment

AIM-listed financial services firm Numis (LON:NUM) saw its share price drop by 8.28% to 221.50p (as of 14:50 BST) after it issued a trading statement for the second half of the year ended 30th September. The company said that the difficult market conditions seen in the six first half had persisted in the second and as a result it expects to report revenues slightly behind those for the comparable period.

Co-Chief Executive Officers Alex Ham and Ross Mitchinson commented: “2019 was a challenging year, characterised by market share gains but depressed activity levels across both Investment Banking and Equities. The office move is indicative of our long term ambitions for the business. Over the past 13 years in our existing office we have doubled headcount, doubled the corporate client list and seen the average market capitalisation of that client base increase by a multiple of five. Whilst prevailing market conditions are difficult, we have a very strong balance sheet and exceptional people serving an enviable list of retained corporate clients and high quality institutions. We are well positioned to continue to capture greater market share and we will continue to focus on executing our long term strategy to build a more diversified investment banking business“.