UKMay 8 2017

Numis founder stands down as profits plunge

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Numis founder stands down as profits plunge

The founder of Numis has stepped down from the board, as the Aim-listed broker saw profits plunge by 38 per cent in six months.

Pre-tax profits hit £10.5m in the six months ending 31 March, a sharp fall from the £16.8m posted during the same time last year, according to the firm’s results published today (8 May).

Numis blamed a lack of primary equity issuance in the UK market for the drop, but also pointed out that the comparable period in 2016 was marked by record highs.

Corporate broking and advisory revenues were down by more than a quarter during the six months, falling to £29m.  

Alex Ham, co-chief executive of Numis, said the firm is looking to expand the franchise into supporting unquoted as well as quoted companies.  

“We believe our ability to nurture relationships with entrepreneurs and business leaders ranging from first fund-raisers through to stock market IPO candidates and into FTSE 100 market leaders gives us a unique insight into the UK’s most exciting businesses.” 

Mr Ham also said staff numbers were largely unchanged, with revenue per person remaining favourable compared to industry peers.    

Meanwhile, in a separate note, the firm revealed that Oliver Hemsley, who founded the firm in the 1990s, will stand down from the board with immediate effect. 

Mr Hemsley will act as an adviser to Numis for at least 12 months.

katherine.denham@ft.com