Numis Corporation - A subdued H222 though M&A outlook positive

Tough market conditions have continued through Numis’s second half. This is likely to have left full year revenue down about a third compared with the prior year. The outcome would have been worse without the investment the firm has made to develop its mergers and acquisitions activity, which has mitigated the downturn. The outlook for the start of FY23 remains clouded, but on a longer view the group’s existing franchise and continued focus on developing its client base and expanding internationally and into complementary areas should underpin its performance through market cycles.