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Independent investment bank Numis (LON:NUM) has announced that second-half revenues didn’t meet the same levels recorded during the first six months of the year, but revenues for the 12 months ended 30th September are still set to be up by around 3%.
Management also warned that profits will be lower than last year as a recent hiring spree has increased the company’s headcount by roughly 16%, with many in senior roles.
CEOs Alex Ham and Ross Mitchinson said: “We believe Numis is very well positioned to capture further market share in the near term. Whilst deal related revenue was lower in the second half, our pipeline for the coming months is very strong and we are excited about the prospects for the business as we approach 2019.”
Shares in Numis dropped by 6.42% to 350p (as of 14:45 BST).