Final Results

Numis Corporation PLC
18 December 2000


Embargoed for release at 7.00am Monday 18th December 2000


                            NUMIS CORPORATION PLC

                 (formerly Raphael Zorn Hemsley Holdings PLC)

                             Financial Highlights


                                                     Year to   Year to Increase
                                                          30        30
                                                                              %
                                                   September September

                                                        2000      1999
Profit before tax and before exceptional gain          £4.0m     £1.2m      233
Profit before tax and after exceptional gain           £6.0m     £1.2m      400
Recommended dividend payment                            4.0p      3.0p       33

Key events during the period under review:

*         A rise in profit before tax and before exceptional gain to £4.0
          million for the year to 30 September 2000

*         Expansion of the business with the proposed opening of a first
          regional office in the North West, following the acquisition of a 
          highly rated team

*         Significant progress made towards Numis becoming a leading
          specialist investment banking and stockbroking business for the 
          smaller and mid-sized company market

*         The sale of the investment management and private client businesses

*         £50 million raised for Tenon Group Plc, the first UK quoted
          accountancy-based services company and we continue to advise the 
          company on its active acquisition programme

*         The successful extension of the Company's areas of expertise into
          the technology sector 


Commenting on the results Oliver Hemsley, Chief Executive of Numis, the
AIM-listed investment banking and stockbroking group, said:

'I am pleased to report a record set of results fuelled by strong growth in
our core activities together with investment in recruitment and infrastructure.
We are currently rated in three sectors, we make markets in 52 stocks and have
significantly increased our number of corporate and institutional clients during
the year and expect further expansion during the course of next year.

We will use the successful foundations we have put down over the last year to
make further progress in our aim of becoming a leading specialist investment
banking and stockbroking business, operating in the smaller and mid-sized
company market.'


For Further information please contact: -

Oliver Hemsley       Chief Executive      Numis Corporation      020 7776 1500
Rebecca Sly                               Citigate Dewe Rogerson 020 7282 2939


Chairman's statement


Overview

The Company has undergone considerable change during the course of the year to
30 September 2000 and has produced a record set of results.  All parts of the
ongoing business performed well and the Company has rationalised its
operations allowing a greater focus on its core activities of corporate
finance, institutional sales, corporate broking, research and market making.


Results

During the financial year ended 30 September 2000, the Group's profit before
tax and before an exceptional gain was £4.0m (compared with £1.2m for the
previous period) and earnings per share rose to 18.2p (1999: 5.5p), on a
pre-exceptional basis.  The exceptional gain on the sale of the investment
management and private client stockbroking business was £2.0m, taking the
Group's profit before tax to £6.0m.  The Board recommends payment of a
dividend of 4.0p per share (1999: 3.0p) that will be payable subject to
shareholders' approval on 19 January 2001 (being the day after our Annual
General Meeting) to all shareholders on the register on 3 January 2001.

The Group's net assets at 30 September 2000 have risen to £12.5m (1999: £
8.9m).  We continue to retain a high reserve of cash and near-cash
investments.  In addition, the Group has several significant investments,
including 100,000 London Stock Exchange plc shares.


Trading

Following the sale of our investment management and private client
stockbroking business, we have made significant progress in growing our core
investment banking business.

We have invested in staff and systems during the course of this year and
expect to make significant further investments.  Our Corporate Finance
activities have grown substantially and we have carried out many fund raisings
for companies throughout 2000.

We have increased the number of sectors where we specialise and the number of
analysts covering them.  However, we have been selective in the companies we
have taken on as clients, thus, our entry into the technology sector has been
in a measured way, a strategy that has proved successful both for our clients
and the Company.

We are now rated in three sectors and are steadily adding to our areas of
expertise to ensure that we provide a premium service to our clients.  The
number of institutional clients with whom we deal continues to increase.

Our market making department is expanding and we now make markets in 52
stocks.  We expect this expansion to continue in line with the increase in the
number of sectors in which we specialise.


North West Office

The Company intends to open an office in the North West in the New Year.  This
first regional office will enable us to widen our geographical presence and
further strengthen our research and sales capabilities.  A highly rated team
has been recruited and we will announce more details in due course.


Terence Leader

Terry Leader, who has been Director of Administration and Compliance, will
retire at the end of this year after working tirelessly for the Group for over
40 years.  His commitment, loyalty, experience and business acumen will be
sorely missed and we wish him a long and happy retirement.


Outlook

The current year has started well with a number of new corporate mandates.  In
the Company's Interim Statement for the six months ended 31 March 2000, I
referred to the flotation of Tenon Group plc which is the first UK quoted
accountancy-based business services company.  That company has started its
acquisition programme and we have already advised on its first four purchases.

Although to a significant extent we are dependent upon the stability of the
financial markets, I am confident that during the coming year we will be able
to report further progress in our aim of becoming a leading specialist
investment banking and stockbroking business, operating in the UK smaller and
mid-sized corporate arena.  Building the Company's long-term future requires
continuing investment in people and systems which we anticipate being at an
accelerated level during the current year.  Consequently, we will incur some
additional up-front operating costs as we recruit new personnel.

Finally, I would like to thank our staff for their commitment and support,
without which we could not have achieved our success to date.


David Craig
Chairman
18 December 2000

Consolidated profit and loss account
Unaudited result for the year ended 30 September 2000




                                                              2000         1999
                                                         Unaudited      Audited 
                                                                 £            £

Turnover
Continuing operations                                    9,405,277    4,385,926
Discontinued operations                                  2,345,089    3,069,972

                                                        11,750,366    7,455,898

Discontinued operations
-shared commissions                                      (612,881)    (821,025)

Gross profit                                            11,137,485   6,634,873
                                                        
Administrative expenses
Continuing operations                                  (5,167,406)  (2,859,644)
Discontinued operations                                (2,407,634)  (2,977,711)
Share of associated undertaking's operating
profit                                                    107,500       49,877
                                                           
Operating profit / (loss)
Continuing operations                                   4,345,371    1,576,159
Discontinued operations                                  (675,426)    (728,764)

                                                        3,669,945      847,395
Discontinued operations
Exceptional item
- profit on sale of discontinued operations              1,958,431            -
Interest income                                            303,156      205,058
Investment income                                           41,362      166,665
Interest payable and similar charges                        (9,504)      (6,736)

Profit on ordinary activities before taxation            5,963,390    1,212,382
Tax on profit on ordinary activities                    (1,840,390)    (395,598)


Profit on ordinary activities after taxation             4,123,000      816,784
Dividends paid and proposed                               (599,680)    (447,780)

Retained profit for the year                             3,523,320      369,004

Earnings per share
Basic                                                        27.9p         5.5p
Diluted                                                      26.9p         5.5p

Earnings per share, excluding the exceptional item
Basic                                                        18.2p         5.5p
Diluted                                                      17.5p
                                                                           5.5p
Average number of shares in issue                       14,733,083   14,808,167


There were no other recognised gains or losses made during the years ended 30
September 2000 and 30 September 1999 other than the profits for those years.


Consolidated balance sheet
Unaudited as at 30 September 2000

                                                       2000                1999
                                                  Unaudited             Audited
                                                          £                   £
Fixed assets
Tangible fixed assets                               164,543             607,487
Fixed asset investments                             592,222             113,162
Investment in associated undertaking                129,010              52,280

                                                    885,775             772,929
Current assets
Debtors                                          16,719,216           8,765,158
Investments                                       7,294,488           3,477,403
Cash at bank and in hand                          4,024,693           5,238,020

                                                 28,038,397          17,480,581
Creditors
Amounts falling due within one year             (16,428,689)         (9,335,647)

Net current assets                               11,609,708           8,144,934

Net assets                                       12,495,483           8,917,863

Capital and Reserves
Share capital                                     3,748,000           3,731,500
Share premium account                             3,051,425           3,013,625
Profit and loss account                           5,696,058           2,172,738

Shareholders' funds                              12,495,483           8,917,863


Consolidated cash flow statement
Unaudited for the year ended 30 September 2000


                                                               2000        1999
                                                          Unaudited     Audited
                                                                  £           £
Net cash inflow form operating activities                 3,134,335   3,911,136

Returns on investments and servicing of finance
Interest received                                           303,156     205,058
Interest paid                                               (9,504)      (6,736)
Dividends received                                           41,362     172,125

Net cash inflow from returns on
investments and servicing of finance                        335,014     370,447

Taxation
Corporation tax paid (including
advance corporation tax)                                   (792,536) (1,182,632)

Capital expenditure and financial investment
Purchase of tangible fixed assets                           (61,522)   (185,079)
Purchase of fixed asset investments                        (510,974)    (58,868)
Purchase of non-trading investments                      (5,000,000)          -
Sale of tangible fixed assets                                17,422      36,288

Sale of fixed asset investments                              37,374           -

Net cash outflow from investing activities 
from capital expenditure and financial 
investment                                                (5,517,700)  (207,659)

Disposals, net of cash disposed                           2,021,040           -

Equity dividends paid                                     (447,780)   (445,980)

Financing
Issue of ordinary shares                                     54,300      18,000

Increase/(decrease) in cash in the year                  (1,213,327)  2,463,312

Reconciliation of net cash flow to movement
in net funds
Increase/(decrease) in cash balances in the year         (1,213,327)  2,463,312

Net funds at the beginning of the year                    5,238,020   2,774,708

Net funds at the end of the year                          4,024,693   5,238,020


Notes:

1.       Accounting policies

The accounting policies that have been applied to the unaudited results are
consistent with the latest published audited accounts except that the
depreciation policy on tangible fixed assets has changed from a reducing
balance method at an annual rate of 25% to a straight line method.  Under the
straight line method, depreciation is provided to write off the cost, less
estimated residual values, of tangible fixed assets over their expected useful
lives, as follows:


Computer equipment            3 years
Motor vehicles                4 years
Office equipment              5 years


The change in depreciation policy has resulted in an additional charge of £
328,859 to the profit and loss account in the period.  Comparative results
have not been restated.


2.       Exceptional item - profit on sale of discontinued operations

On 27 March 2000 Numis Corporation Plc exchanged contracts with Savoy Asset
Management Plc for the sale of its investment management subsidiary, Raphael
Asset Management Limited ('RAM'), together with the transfer of certain parts
of its private client stockbroking function from its principal operating
subsidiary.  The principal operating subsidiary is winding-down its remaining
private client stockbroking business and this will be substantially complete
by the end of December 2000.  The profit on sale of the discontinued
operations is as follows:
                                                                      £

Consideration, received on completion on
28 April 2000                                                      2,276,500

Consideration, received 24 November 2000                             151,218

Net assets of RAM                                                   (245,000)

Associated costs                                                    (224,287)

                                                                    1,958,43


      The tax effect in the profit and loss account relating to the
      exceptional item is a charge of £526,000.


3.       Earnings per share

Basic earnings per share is based on profit on ordinary activities after
taxation of £4,123,000 that has been adjusted to £4,116,490 to remove
dividends from shares held in the Employee Share Option Trust.  Diluted
earnings per share assumes that options outstanding at 30 September 2000 were
exercised at 1 October 1999, where the exercise price per share is less than
the fair value of the share in the period.


4.       Earnings per share, excluding the exceptional item

Basic earnings per share is based on ordinary activities after taxation of £
2,690,569 that has been adjusted to £2,684,059 to remove the exceptional item
and dividends from shares held in the Employee Share Option Trust.  Diluted
earnings per share assumes that options outstanding at 30 September 2000 were
exercised at 1 October 1999, where the exercise price is less than the fair
value of the price of the share in the period.


5.       Dividend

A dividend of 4.0p (1999: 3.0p) per ordinary share has been proposed.  This is
payable subject to shareholders' approval on 19 January 2001 (being the day
after the Annual General Meeting) to all shareholders on the register on 3
January 2001.


6.       Statutory accounts

This preliminary announcement of results does not constitute statutory
accounts for the year.  Statutory accounts for the year are still to be
audited and filed with the Registrar of Companies.  It is expected that these
will be available shortly.  The results for the year ended 30 September 1999
are an abridged version of the Group's statutory accounts for that year which
received an unqualified auditor's report and have been filed with the
Registrar of Companies.


7.       Further copies

A copy of the audited Report & Accounts is due to be sent to all shareholders
on or about 21 December 2000.  Copies of this announcement are available free
of charge for fourteen days from:


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