Broker Numis sees profit rise 87% in latest results

Corporate broker Numis won another 10 FTSE 250 clients and its first FTSE 100 company in the last year as it is increasingly brought on board as joint adviser to listed companies.

"There is a growing recognition among companies that it is useful to have one large bank and one more nimble firm as their joint broker or adviser," said Oliver Hemsley, chief executive.

But he also admitted that the growth in larger clients has yet to turn into greatly increased profit or revenues for his firm.

He said: "We have a promising pipeline of primary and secondary corporate activity. However, until a line is drawn under the debt crisis in Europe, translating this potential into profit remains challenging."

Numis' profit rose 87% to £7.9 million on revenues up 9% at £51.9 million in the year to September. The full year dividend is maintained at 8p a share even though that is still higher than earnings of 6.6p a share. Shares rose 4p to 124p.

The broker was involved in six stock market floats last year including Ocado, Jon Moulton's Better Capital, Hugh Osmond's bid vehicle Horizon Acquistion and Betfair.