Numis Corp. (LON:NUM) has provided an encouraging year-end trading update, reporting revenues up 14% for the full year and continued net additions to its corporate client base. This was a strong performance against a mixed market background; so far the signs are encouraging for the new financial year, albeit with the normal caveats about potential market volatility. We have increased our earnings estimates and central valuation.
FY16 year-end update
Both institutional and corporate-related activities contributed to the revenue growth of 14% for the full year and implied growth of 5.6% for the second half against H215 was strong in the circumstances, with the EU referendum acting as a brake on corporate and market activity for part of the period. New co-CEOs Alex Ham and Ross Mitchinson assumed their roles in September and should provide a fresh impetus to the development of the business although, directionally, we expect little change. The continued growth in the corporate client base during FY16 provides a good starting point for FY17.
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