City brokers to get Covid bonus boost

CITY broker Numis says clients have battled through the Covid lockdown, but its own revenues hit record levels, a sign that banks had an excellent crisis.

And that means good bonuses for brokers across town, with staff costs at Numis alone jumping by 42% to £76 million.

On the looks of it, the brokers earnt their keep. Revenue per head jumped 35% to £549,000. Total revenues were up 39% to £155 million, with profits soaring 198% to £37 million.

Those figures suggest City investment banks have boomed and are set to report their best results in at least a decade.

Co-chief executives Alex Ham and Ross Mitchinson said: ““This year was one that we could not have planned for or envisaged. However, in response, we have achieved an excellent performance, strengthened the business and remained constant to our core beliefs, our strategy and ambition.”

The broker, based at Paternoster Square in the heart of the City, is associated with finding funds for smaller firms. Today it noted that the average market cap of its clients is now past £1 billion.

Numis shares slipped 7p to 337p. They have more than doubled since March.