Brexit helps Numis’ new top duo notch up record revenues

The bosses of Numis eased into their new roles as the City broker continued its winning streak despite Brexit-induced uncertainty for the stock market.

The AIM-listed firm generated record revenues over the last year, “comfortably above” £100 million in its core business for the first time and up 14% on the previous year as it continued to avoid the travails endured by rival brokers.

Alex Ham and Ross Mitchinson, who took over as joint chief executives from founder Oliver Hemsley last month, said they were encouraged by the number of deals still to be completed.

The healthy pipeline follows another 19 equity fundraisers and three floats in the second half.

Mitchinson said several deals had spilled over into the first quarter of the new financial year, though he added that Numis was seeing “more M&A [mergers and acquisitions] than IPOs at the moment” as Brexit had dampened demand for new listings.

Business was boosted by advisory work for private clients, including Skyscanner. Numis raised £128 million for the Edinburgh-based flight booking site, taking its valuation above $1 billion and into unicorn territory.

Numis shares rose 8.94p to 227.94p.