Numis Corporation PLC’s (LON:NUM) growing presence in the London IPO and deal advisory markets saw interim profits almost double.
Volumes were little changed but the broker was involved in much larger deals, which meant a material increase in average deal fees for both IPOs and M&A transactions.
IPO pipeline strong
Trading in recent weeks has been positive, it added, with a number of deals completed, while equities revenues are running at similar levels to the first half.
So far, the new MiFID II research rules have had little impact on revenue but it is still early days, said Numis.
The IPO pipeline is strong but dependent on stock market conditions, it added.
Corporate broking revenue rose by 76% to £50.9mln while equities revenue was flat at £23.3mln.
Profits rose 86% to £19.5mln, though the interim dividend was only held at 5.5p.