Numis Corporation has issued a profit warning amid "unfavourable" market conditions that have led to lower levels of trading activity and capital market volumes for UK equities.
In a trading update for the year ending 30 September, Numis said it expected a "mid to high teens percentage decline" in reported revenues for the full year, a fall in profit given gearing levels, and overall performance that was "slightly behind" the comparable period for 2018. The conditions have allowed the broker and corporate advisor to grow its client base; it now counts 217 corporate clients, up from 210 at the start of the year. Numis said: "Investment banking revenues have been impacted by lower deal volumes, particularly at the larger end of the transaction size range. Chall...
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