Numis new clients help profits shoot up

Investment bank Numis today posted a more than three-fold rise in first-half adjusted pre-tax profit, helped by new client additions.

Numis, which also increased its interim dividend by 60%, said it signed on 15 corporate clients during the first half and acted as sole manager for its first corporate debt issue on behalf of a FTSE 250 company.

"Having positioned the firm to weather the downturn, we are now in a strong position to take advantage of the upturn," said chief executive Oliver Hemsley.

Numis said it would pay an interim dividend of 4p a share, compared with 2.5p a year ago.

For the six months to March 31, the company posted an adjusted pre-tax profit of £9.4 million, compared with £2.8 million. Revenue rose 63% to £31.3 million.