Numis Corporation - Very strong end to the year

Numis reported a particularly strong end to its financial year driven principally by capital markets activity. FY20 revenues are set to be nearly 12% ahead of our previous estimate resulting in a 42% increase in our pre-tax profit forecast. Looking ahead, the incidence of capital markets transactions remains uncertain but this prospective result tends to confirm the strength of the franchise and validate the investment the firm has made in resources to underpin client service and growth.