Numis Corporation PLC AGM statement (1431X)
February 05 2013 - 6:00AM
UK Regulatory
TIDMNUM
RNS Number : 1431X
Numis Corporation PLC
05 February 2013
TUESDAY 5 FEBRUARY 2013 AT 11.00 AM
Numis Corporation Plc ("Numis")
Annual General Meeting ("AGM")
The Board of Numis announces today, 5 February 2013, at the
Annual General Meeting that Sir David Arculus, (Non-Executive
Chairman) reported:
"Despite having to contend with a fifth successive year of
extremely tough market conditions, Numis again produced an
acceptable result in 2012 given the challenging background. Numis
emerged from 2012 with a further increase in the quality and number
of corporate clients which recently passed the 150 mark for the
first time. We have also succeeded in diversifying our revenue
streams, helped by our increased focus on the retail bond market
which has already seen us launch four issues this new financial
year.
The addition of what has now become the "Numis Smaller Companies
Index" in 2012 should enhance our core franchise and broaden our
position in the UK smaller and mid cap company sectors. These
positive developments have been achieved within an overall
reduction in our cost base, which continues to be tightly
controlled.
In addition to cost control, management is also focused on
maintaining a strong balance sheet. This has been further
strengthened through the recent partial sale of around half our
investment portfolio which realised over GBP10m in cash proceeds.
Our current free cash position is in excess of GBP50m.
The current year has seen an encouraging start with revenues
well ahead of the same period last year. This has been driven by an
increase in institutional commissions and improved trading results.
The recent improvement in market sentiment has also lead to an
increase in our deal pipeline and there are early signs of the IPO
market springing back to life. It is too early to say whether the
New Year rally in equities is a false dawn or whether it really
does herald a major global switch from bonds to equities. If a
sustained rally does happen, Numis is well placed to benefit from
the opportunities that will occur."
5 February 2013
END
Contacts
Numis Corporation:
Oliver Hemsley, Chief Executive 020 7260 1256
Simon Denyer, Group Finance Director 020 7260 1225
Brunswick:
Gill Ackers 020 7404 5959
Simone Selzer 020 7404 5959
PricewaterhouseCoopers LLP (Nominated Adviser):
Simon Boadle 020 7583 5000
Jon Raggett 020 7583 5000
Notes for Editors
Numis is a leading independent merchant banking and stockbroking
group offering a full range of research, execution, corporate
broking and corporate finance services to companies quoted in the
UK and their investors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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