Trading Update

RNS Number : 7746E

Numis Corporation PLC

01 October 2008

 

EMBARGOED FOR RELEASE 

WEDNESDAY 1 OCTOBER 2008 AT 7.00 am 

NUMIS CORPORATION PLC 

TRADING UPDATE

Numis Corporation Plc ('Numis'), a leading British independent investment banking and broking group, today issued a trading update relating to the year ended 30 September 2008.

Expected Results for the Year Ended 30 September 2008 

Numis expects profits before tax for the full year to 30 September 2008 to be in line with market expectations.  

In view of recent market turbulence, the Board believes that it is helpful to emphasise the strength of Numis' position and recent trading performance. 

• Numis has generated an operating profit during the six months ended 30 September 2008   

• Numis has cash balances of £70m and no debt as at 30 September 2008 

• Numis has regulatory capital in excess of four times current requirements as at  30 September 2008 

• Since the recent onset of unprecedented turmoil in financial markets, Numis has seen a significant increase in secondary revenues as leading institutions seek to trade with robust counterparties

Oliver Hemsley, Chief Executive, said:

'With our strong balance sheet and no debt, Numis is in an excellent position to weather the current market turmoil. Our traditional investment banking and broking model with no proprietary trading or exposure to sub prime is proving attractive to corporate and institutional clients alike as they seek impartial advice and robust counterparties. Our strong financial position has enabled us to focus on looking after our existing clients and attracting new clients. We remain determined and committed to growing the business in these challenging market conditions.'

1 October 2008  

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Contacts

Numis Corporation:        

Oliver Hemsley, Chief Executive                                           020 7260 1256
Bill Trent, Chief Financial Officer                                          020 7260 1333

Brunswick:

Gill Ackers / Carole Cable                                                     020 7404 5959

PricewaterhouseCoopers LLP (Nominated Adviser):

Simon Boadle / Jon Raggett                                                   020 7583 5000

 

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