Considering the collapse in initial public offerings and secondary fundraisings from PLC's on the London Stock Exchange and Alternative Investment Market, Numis Corporation (LSE: NUM) posted solid results for the six months ended 31 March 2008.
The investment banking and broking group posted profit after tax of £14.8 million, up £2.3 million on 2007, on flat revenues of £40.2 million (2007: £40.1 million). Earnings per share also rose to 15 pence (2007: 12.4 pence) and the interim dividend was increased to 2.5 pence (2007: 2 pence). Net assets climbed to £117.9 million from £109 million in 2007.
"Despite the extremely challenging market conditions we remain profitable and continue to maintain a strong balance sheet. We are determined and committed to growing the business in a counter-cyclical fashion and intend to exploit the volatility in the market to attract clients and staff to Numis in order to create long-term value for our shareholders." said Oliver Hemsley, Chief Executive.