Interim Results

Numis Corporation PLC
03 May 2006


EMBARGOED FOR RELEASE 7:00 am Wednesday 3 May 2006


  Numis Corporation Plc Interim Results for the six months ended 31 March 2006


Numis Corporation Plc ('Numis') today announces interim results for the six
months ended 31 March 2006. Numis is the holding company of Numis Securities
Limited, the independent U.K. investment banking and institutional broking
business.


Financial Highlights and comparison with the same period last year

   • Operating income £36.8m (2005: £25.5m) + 44%

   • Profit before tax £18.6m (2005: £12.3m) + 51%

   • Earnings per share 13.2p (2005: 9.1p) + 45%

   • Interim dividend of 1.25p (2005: 0.625p) +100%

   • Net assets £82.3m (September 2005: £70.8m) + 16%


Operational Highlights

   • Corporate client list increased to 101 (2005: 83) across a wide range of
     sectors

   • £443m raised for corporate clients in the period (2005: £427m)

   • Institutional client revenue + 71% with the New York office now a
     significant contributor

   • Research coverage expanded - now providing analysis on more than 430
     London quoted companies

   • Continued investment in hiring high quality staff across the business

   • Control over costbase maintained


Commenting on the results, Oliver Hemsley, Chief Executive of Numis, said:

'We are building Numis for the future. We have been able to take advantage of
favourable market conditions over the past six months but our success has
depended on our strong commitment to anticipating and delivering the needs of
our clients and the institutions we service.

The second half of the year has started well. London continues to be an
attractive market for UK and international companies looking to raise money and
the size and quality of our corporate client base is growing as a result.'

Contacts:

Numis Corporation
Oliver Hemsley, Chief Executive 020 7776 1500
Bill Trent, CFO

Brunswick
Gill Ackers 020 7404 5959


CHIEF EXECUTIVE'S STATEMENT

Results

I am pleased to report an increase in profits for the six months ended 31 March
2006. Group operating income has risen to £36.8m (2005: £25.5m) while profit
before tax rose to £18.6m (2005: £12.3m). Operating profit was £16.4m (2005:
£11.0m). Earnings per share were 13.2p (2005: 9.1p) while net assets have
increased to £82.3m (September 2005: £70.8m). During the period cash balances
increased to £63.8m (September 2005: £57.1m).

Dividend and Scrip Alternative

The Board has decided to rebalance the dividend towards a greater interim
distribution and has declared an interim dividend of 1.25p per share (2005:
0.625p). The Board believes that rebalancing will underline its commitment to a
progressive and sustainable dividend policy. The dividend will be payable on 31
July 2006 to all shareholders on the register at 12 May 2006. Shareholders will
be offered the option to receive shares instead of a cash dividend, the details
of which will be explained in a circular to accompany our interim report.

REVIEW OF ACTIVITIES

Corporate Broking and Advisory

It has been a busy six months for existing and new corporate clients of the
group and the number of corporate clients for whom we act has risen to 101
(2005: 83). During the period, our clients raised a total of £443m (2005: £427m)
through 25 (2005: 19) transactions; many of these had an international element,
reflecting the UK's growing importance as the international financial centre of
choice. It is pleasing to note that over 42% of these funds were raised on
behalf of existing clients, reflecting the strength of our corporate clientele.

We have been strengthening both our corporate broking and corporate finance
departments with exceptional individuals including the appointment of Nigel
Turner as deputy Chairman. Numis is an attractive choice for ambitious
individuals who wish to work within a growing independent investment bank where
they can participate in the direction and success of the business.

Research, Sales and Trading

We have continued to expand our analysis of UK quoted companies and now provide
research on over 430 stocks across the whole market to a wide range of UK and
international institutional clients. Over the past 6 months we have invested in
improving the quality of our research product and service and we are pleased to
see the return in increased institutional commission. The firm now has a strong
and recognised capability in a broad range of sectors, including aerospace,
defence & engineering, building & construction, food producers, financials,
insurance, IT, leisure, life sciences, media, mining, new energy & renewables,
oil & gas, retail and support services. The market for objective research has
shown that our investment in this area has been well founded and we continue to
add teams and individuals in attractive sectors.

Our sales and trading activities have flourished with commissions rising by 71%
over the corresponding period last year. Although this is an increasingly
competitive area, with greater focus on commission levels through electronic
trading, there will always be a market for independent, well researched and well
executed ideas that help to improve performance for our institutional clients.

Our trading business is focused on client facilitation, rather than generating
proprietary trading profits, and it continues to build market presence and
goodwill for Numis. We now actively trade over 400 stocks.

New York Office

Numis Securities Inc. has now been fully operational for over a year. We have
received a very positive response from US institutions in particular to our
analyst and company roadshows in the US. We expect to be able to continue the
rapid growth of our business in New York.

Current trading and outlook

Market conditions during the period under review remain favourable with a number
of our clients using the opportunity to raise funds for business expansion.
Numis has also taken advantage of these conditions to increase the size and
quality of its corporate client base; our goal to become the broker of choice
for high quality, UK quoted, mid and small cap companies is steadily being
realised. Our client service and research strengths are such that we are now
also being increasingly invited to act as co-lead managers on substantial
flotations; we expect more such opportunities to occur in future.

We have had an excellent start to the second half of our year, with a number of
innovative transactions. Notably, we have raised £250m for Trinity Capital, an
Indian property company, which will give us an excellent opportunity to develop
our business and contacts in India. In addition, Numis has founded and expects
to raise more than £500m over the next 18 months for Paternoster Limited to
acquire defined benefit pension schemes from UK companies.

Although trading will be dependent on market conditions, we continue to build
Numis as an independent investment banking business with confidence.

Oliver Hemsley
Chief Executive
3 May 2006


Consolidated profit and loss account
Unaudited results for the 6 months ended 31 March 06


                                  6 months ended  6 months ended   Year ended
                                       31 Mar 06       31 Mar 05    30 Sept 05
                                       Unaudited       Unaudited       Audited
                                          £000's          £000's        £000's

Operating income                          36,755          25,489        65,693
                                      ----------       ---------     ---------
Gross income                              36,755          25,489        65,693

Administrative expenses                  (20,322)        (14,479)      (38,076)
                                      ----------       ---------     ---------
Operating profit                          16,433          11,010        27,617

Share of associated
undertaking's profit                       1,029             795         1,388

Exceptional item - profit
on disposal of associated                      -               -         9,299
undertakings and fixed asset
investments
                                      ----------       ---------     ---------
Profit on ordinary
activities before
interest                                  17,462          11,805        38,304

Interest receivable and
similar income                             1,250             548         1,652
Interest payable and
similar charges                              (69)            (28)          (48)
                                      ----------       ---------     ---------

Profit on ordinary
activities before
taxation                                  18,643          12,325        39,908

Taxation on profit on
ordinary activities                       (5,336)         (3,664)       (9,466)
                                      ----------       ---------     ---------

Profit on ordinary
activities after taxation                 13,307           8,661        30,442
Dividends paid and
proposed                                  (1,324)           (630)       (3,157)
                                      ----------       ---------     ---------
Retained profit for the
period                                    11,983           8,031        27,285
                                      ==========       =========     =========
Earnings per share                         13.2p            9.1p         31.3p
Basic
Diluted                                    12.7p            8.6p         30.0p

Earnings per share, excluding
exceptional item
Basic                                       13.2p           9.1p         21.7p
Diluted                                     12.7p           8.6p         20.9p



Consolidated balance sheet
Unaudited as at 31 March 06

                                         31 Mar 06     31 Mar 05   30 Sept 05
                                         Unaudited     Unaudited      Audited
                                            £000's        £000's       £000's
                                       -----------   -----------   ----------
Fixed Assets                                 
Tangible fixed assets                        1,709         1,405        1,598
Fixed asset investments                      1,892           320        1,546
Investment in associated undertakings        1,738         4,957          859
                                       -----------   -----------   ----------
                                             5,339         6,682        4,003
                                       -----------   -----------   ----------
Current assets                             
Debtors                                    101,629        92,665       92,103 
Investments                                 18,802        17,538       17,812
Cash at bank and in hand                    63,771        26,665       57,133
                                       -----------   -----------   ----------
                                           184,202       136,868      167,048
                                       -----------   -----------   ----------
                                       -----------   -----------   ----------
Creditors                                 
Amounts falling due within one year       (107,269)      (94,980)    (100,259)
                                       -----------   -----------   ----------
Net current assets                          76,933        41,888       66,789
                                       -----------   -----------   ----------
                                       -----------   -----------   ----------
Net assets                                  82,272        48,570       70,792
                                       ===========   ===========   ==========

                                       -----------   -----------   ----------
Capital and reserves                         
Share capital                                5,295         5,180        5,258
Share premium account                       20,636        18,706       19,341
Profit and loss account                     56,341        24,684       46,193
                                       -----------   -----------   ----------
Equity shareholders' funds                  82,272        48,570       70,792
                                       ===========   ===========   ==========



Consolidated cashflow statement
Unaudited for the six months ended 31 March 06

                                            31 Mar 06    31 Mar 05  30 Sept 05
                                            Unaudited    Unaudited     Audited
                                               £000's       £000's      £000's
Net cash inflow from operating activities
before exceptional items                       15,828        5,162      24,147

Cash inflow from exceptional items                  -            -      13,540
                                          -----------  -----------  ----------
Net cash inflow from operating activities      15,828        5,162      37,687
                                          -----------  -----------  ----------
Returns on investments and servicing of
finance                                         
Interest received                               1,228          548       1,631  
Interest paid                                     (66)         (28)        (48) 
Dividends received                                 18            -          21
                                            -----------  -----------  ----------
Net cash inflow from returns on
investments and servicing of finance            1,180          520       1,604
Taxation                                       
Corporation tax paid                           (8,229)      (1,628)     (5,683)
                                          -----------  -----------  ----------
Capital expenditure and financial
investment                                       
Purchase of tangible fixed assets                (538)        (895)     (1,375)
Purchase of fixed asset investments              (573)         (25)     (1,251)  
Disposal of interests in fixed asset
investments                                        61            -           -
                                          -----------  -----------  ----------
Net cash outflow from investing
activities from capital expenditure and
financial investments                          (1,050)        (920)     (2,626)
Equity dividends paid                          (1,221)        (928)     (1,361)
                                          -----------  -----------  ----------
Financing                                         
Issue of ordinary shares                          130          991       4,044
                                          -----------  -----------  ----------
Increase in cash in the period                  6,638        3,197      33,665
                                          ===========  ===========  ==========


Reconciliation of net cash inflow to
movement in net funds

Increase in cash balance in the period          6,638        3,197      33,665
Net funds at the beginning of the period       57,133       23,468      23,468
                                          -----------  -----------  ----------
Net funds at the end of the period             63,771       26,665      57,133
                                          ===========  ===========  ==========

Accounting policies

The accounting policies that have been applied to the unaudited results are
consistent with the latest published audited accounts.

Operating Income


                                       31 Mar 06      31 Mar 05     30 Sept 05
                                       Unaudited      Unaudited        Audited
                                          Number         Number         Number
                                           £000s          £000s          £000s
Institutional commissions and trading
profits                                   12,138          7,201         17,386
Corporate retainers                        1,695            758          2,197
Deal fees                                  4,781          3,795         11,044
Placing commissions                       18,141         13,735         35,066
                                       ---------     ----------     ----------
                                          36,755         25,489         65,693
                                       =========     ==========     ==========

Administrative expenses

                                     31 Mar 06       31 Mar 05      30 Sept 05
                                     Unaudited       Unaudited         Audited
                                        Number          Number          Number
                                         £000s           £000s           £000s
Staff costs (excluding incentive
payments)                                7,813           5,979          15,323
Non-staff costs                          5,505           3,938          10,919
                                     ---------      ----------      ----------
                                        13,318           9,917          26,242
Incentive payments                       7,004           4,562          11,297
                                     ---------      ----------      ----------
                                        20,322          14,479          37,539
                                     =========      ==========      ==========

Earnings per share

Basic earnings per share is calculated on profit on ordinary activities after
taxation of £13,307,000 (2005: £8,661,000) and 100,734,605 (2005: 94,929,000)
ordinary shares being the weighted average number of ordinary shares in issue
during the period. Diluted earnings per share assumes that options outstanding
at the end of the financial period were exercised at the beginning of the period
for options where the exercise price was less than the average price of the
shares during the period.

                                          31 Mar 06   31 Mar 05     30 Sept 05
                                          Unaudited   Unaudited        Audited
                                             Number      Number         Number
                                               000s        000s           000s

Weighted average number of ordinary
shares in issue during the year - basic     100,735      94,929         97,310
Effect of options over ordinary shares        3,890       5,453          4,001
                                          ---------  ----------     ----------
Diluted number of ordinary shares           104,625     100,382        101,311
                                          =========  ==========     ==========

Dividend

The board declares the payment of an interim dividend of 1.25p per share (2005:
0.625p per share). The dividend will be payable on 31 July 2006 to all
shareholders on the register on 12 May 2006.

Reconciliation of the movement in shareholders' funds

                                     31 Mar 2006   31 Mar 2005   30 Sep 2005
                                       Unaudited     Unaudited       Audited
                                           £ 000         £ 000         £ 000

Profit for the period                     13,307         8,661        30,442
Dividends paid and proposed               (1,324)         (630)       (3,157)
Adjustment in respect of ESOP
reserve                                   (1,835)       (2,557)         (302)
New shares issued                          1,332         3,198         4,828
                                       ---------    ----------     ---------
Net addition to shareholders' funds       11,480         8,602        31,811

Opening shareholders' funds               70,792        38,981        38,981
                                       ---------    ----------     ---------
Closing shareholders' funds               82,272        48,570        70,792
                                       =========    ==========     =========

Reconciliation of operating profit to net cashflow from operating activities

                                     31 Mar 2006   31 Mar 2005   30 Sep 2005
                                       Unaudited     Unaudited       Audited
                                           £ 000         £ 000         £ 000

Operating profit                          16,433        11,010        27,617
Depreciation charges                         365           227           514
Increase in debtors (excluding
taxation receivable)                      (6,809)       (8,477)       (8,191)
Net increase (decrease) in trading
investments                                1,613        (4,142)       (3,748)
Increase in creditors                      4,226         6,544         7,955
(excluding taxation and dividends 
payable)
                                       ---------    ----------     ---------
Net cash inflow from operating 
activities                                15,828         5,162        24,147
                                       =========    ==========     =========

Audited results

The audited results for the year ended 30 September 2005 are an extract from the
latest published audited accounts and do not constitute the statutory accounts
as defined in Section 240 of the Companies Act 1985. The published audited
accounts have been delivered to the Registrar of Companies and included the
report of the auditors that was unqualified.


The Company Secretary
Numis Corporation Plc
Cheapside House
138 Cheapside
London
EC2V 6LH



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