Numis Corp. (NUM), a broker for smaller companies in the U.K., swung into profit in the fiscal first half on record institutional commission and trading revenue.
The company had net income of 7.97 million pounds ($12 million) in the six months to March 31 compared with a loss of 624,000 pounds in the year-earlier period, London-based Numis said in a statement today. Revenue rose to 32.4 million pounds from 23.3 million pounds a year ago.
“We have seen a marked improvement in both secondary and primary income during the first half of our 2013 financial year,” Chief Executive Officer Oliver Hemsley said in the statement. “Our second half has started well.”
Numis said it benefitted from “strong inflows” of funds into equities during the fiscal first half, with the FTSE SmallCap index gaining 18.4 percent and the FTSE 250 advancing 19 percent. Companies also raised more than twice the amount in share sales compared with last year, reflecting a “resurgence of interest for good-quality initial public offering prospects,” Numis said.
To contact the reporter on this story: Ambereen Choudhury in London at firstname.lastname@example.org
To contact the editor responsible for this story: Edward Evans at email@example.com