Numis Corporation - Diversification mitigates lower activity

The combination of rising macroeconomic concerns and the outbreak of a war in Europe has had a chilling impact on equity capital markets activity, emphasising the potential volatility in these revenues. We have reduced our estimates for Numis accordingly. As a test of Numis’s work to diversify its business by developing M&A advisory and private markets strands, H122 has been a success, with these revenues proving resilient. On a longer view, the strength of the overall franchise remains a key attraction for investors.