Numis Corporation - Investing to underpin future growth

The timing and size of transactions falling into the second half of FY18 has meant that Numis has achieved a record level of revenue but not reached our earlier estimate for FY18. The decision to undertake a significant investment in additional senior staff has also affected earnings, but is set to underpin the franchise and could help generate positive earnings surprises in future years. The deal pipeline is described as very strong so, subject to market conditions, we look for a rebound in earnings for FY19.