Final Results

Numis Corporation PLC
10 December 2003



             Embargoed for release 7 am Wednesday 10 December 2003

                             Numis Corporation Plc

            Final results for the 12 months ended 30 September 2003





Numis Corporation Plc ('Numis') announces final results for the 12 months ended
30 September 2003.  Numis is the holding company of Numis Securities Limited, a
leading stockbroker to mid and small-cap companies.



  • Turnover £24.0m (2002: £17.4m)

  • Profit before tax £9.4m (2002: £6.1m before an exceptional item)

  • Basic EPS 40.2p (2002: 28.3p before an exceptional item)

  • Dividend per share up 34% to 7.5p (2002: 5.6p)

  • Net assets £30.6m (2002: £16.6m)

  • £340m raised for corporate clients during the period

  • Corporate client list more than doubled from 25 to 53 in the period

  • Research coverage expanded - now providing analysis on more than 350
    stocks





Oliver Hemsley, Chief Executive of Numis Corporation, said:



'We have made excellent progress in the year towards establishing Numis as a
leading adviser and broker to mid and small cap-companies.   In challenging
market conditions, our corporate client list has more than doubled, we have
broadened our research capability into new sectors and strengthened our sales,
trading and corporate finance teams.



The current financial year has started satisfactorily and with a promising
transaction pipeline, we are confident of making further progress.'







For further information, please contact:


Oliver Hemsley        Chief Executive, Numis Corporation Plc   020 7776 1500

Neil Bennett          Gavin Anderson & Company                 020 7554 1400
Laura Hickman

www.numiscorp.com





Chief Executive's Statement



Results



We are delighted to report that the Group's profit before tax for the year ended
30 September 2003 was £9.4m (2002: £6.1m before an exceptional item), an
increase of 54%. Turnover increased during the period to £24.0m (2002: £17.4m)
and basic earnings per share rose to 40.2p (2002: 28.3p before an exceptional
item).  Net assets increased to £30.6m (2002: £16.6m) after a share issue
raising £7.0m, after expenses, and another profitable year for the Group.



The Group increased its income and profits in all areas of business. We have
added two new sectors to our research coverage and have been building our sales
and sales trading strength to increase the impact of the research.  During the
period under review we have made progress towards establishing an office in New
York to service US institutional investors.



Dividend and scrip alternative



The board recommends payment of a dividend of 7.5p per share (2002: 5.6p)
representing a 34% increase on the previous year. The dividend will be payable
on 13 February 2004 to all shareholders on the register on 19 December 2003.
Following a successful introduction last year, shareholders will be offered the
option to receive shares instead of a cash dividend. The details of this will be
explained in a circular to accompany our Annual Report.



Research



We have added aerospace & defence and housebuilding as new sectors to our
research coverage and now provide analysis on over 350 UK companies across 15
sectors. Our analysts were ranked first in six sectors in a recent survey of
fund managers which is indicative of the emphasis we place on quality of product
and personnel.



Corporate broking and corporate finance



During the period under review we have raised approximately £340m for 11
companies. The number of companies for whom we act as retained adviser and/or
broker had risen to 53 from 25 at 30 September 2003, a number to which we have
subsequently added. New clients have been won across all sectors we cover and
there is a growing appreciation amongst UK companies of the strength and depth
of the services we offer to corporate clients.   In corporate finance, we have
continued to strengthen our business through the addition of a number of high
quality individuals.



Sales and market making



Our sales strength has increased substantially over the period and the Group now
covers both larger and smaller UK companies. Commissions rose substantially
during the period but the challenge remains to increase our institutional
commission to reflect the quality of our research.



Our market making business has increased profitability during adverse trading
conditions and has had to adapt to technological change. We have raised the
number of securities where we make markets in from 135 to 180 and expect this
number to grow substantially in the future.



People



We are delighted that Michael Spencer joined the Group as Chairman earlier in
the year and Geoffrey Vero has become a non-executive director. Both of them
have already made valuable contributions and we look forward to working with
them in the future.



Directors and employees own approximately 60% of the shares in the Group, with
almost all employees owning equity. Employees subscribed £1.3m for shares in
Numis, in June 2003, through a long term incentive scheme which indicates the
level of commitment all of us have to the Group.



Outlook



Although market conditions have improved during the period, the Group faces a
number of challenges over the coming months. Proposed regulatory changes to
market practices, increased competition and higher costs are all issues that we
deal with on a daily basis. However, our strategy to build expertise, clients
and a reputation across a range of sectors, has set us up well to be an
important player in the market. We intend to continue building a high quality
corporate client list whom we are proud to represent to our institutional
customers.



The current financial year has started satisfactorily and with a promising
transaction pipeline, we are confident of making further progress.







Oliver Hemsley

Chief Executive

10 December 2003











Consolidated profit and loss account
For the year ended 30 September 2003

                                                                                         2003           2002
                                                                                       £000's         £000's
                                                                                    Unaudited        Audited

TURNOVER                                                                               23,994         17,413

GROSS PROFIT                                                                           23,994         17,413

Administrative expenses                                                              (15,097)       (11,987)

OPERATING PROFIT                                                                        8,897          5,426

Share of associated undertaking's profit                                                  243            341

Exceptional item
- profit on disposal of fixed asset investment                                              -          1,056

PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST
AND AMOUNTS WRITTEN OFF INVESTMENTS                                                     9,140          6,823

Interest receivable and similar income                                                    656            469
Amounts written off investments                                                         (384)          (114)
Interest payable and similar charges                                                     (11)            (1)

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                                                                         9,401          7,177
Tax on profit on ordinary activities                                                   (2,966)        (2,198)

PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                                                                          6,435          4,979
Dividends paid and proposed                                                            (1,382)          (861)

RETAINED PROFIT FOR THE YEAR                                                            5,053          4,118

Earnings per share                                                                      40.2p          33.2p

Basic
Diluted                                                                                 34.5p          28.9p

Earnings per share, excluding exceptional
item
Basic                                                                                   40.2p          28.3p
Diluted                                                                                 34.5p          24.6p











Consolidated balance sheet
At 30 September 2003

                                                                                       2003           2002
                                                                                     £000's         £000's
                                                                                  Unaudited        Audited
FIXED ASSETS
Tangible fixed assets                                                                   848          1,079
Fixed asset investments                                                               2,803          1,209
Investment in associated undertaking                                                    644            481

                                                                                      4,295          2,769

CURRENT ASSETS
Debtors                                                                              52,393         18,533
Investments                                                                           8,952          2,840
Cash at bank and in hand                                                             13,100         13,586

                                                                                     74,445         34,959

CREDITORS
Amounts falling due within one year                                                (48,101)       (21,146)

NET CURRENT ASSETS                                                                   26,344         13,813

NET ASSETS                                                                           30,639         16,582

CAPITAL AND RESERVES
Share capital                                                                         4,595          3,843
Share premium account                                                                11,608          3,356
Profit and loss account                                                              14,436          9,383

SHAREHOLDERS' FUNDS                                                                  30,639         16,582




Consolidated cash flow statement
For the year ended 30 September 2003
                                                                                       2003           2002
                                                                                     £000's         £000's
                                                                                  Unaudited        Audited

Net cash (outflow)/inflow from operating activities                                 (4,969)         14,574

Returns on investments and servicing of finance
Interest received                                                                       624            452
Interest paid                                                                          (11)            (1)
Dividends received                                                                       11             17

Net cash inflow from returns on                                                         624            468
investments and servicing of finance

Taxation
Corporation tax paid                                                                (2,144)          (823)

Capital expenditure and financial investment
Purchase of tangible fixed assets                                                     (179)          (808)
Purchase of fixed asset investments                                                   (620)          (772)
Sale of tangible fixed assets                                                             -            141
Sale of fixed asset investments                                                           -          1,252

Net cash (outflow) from investing activities                                          (799)          (187)
from capital expenditure and financial investment

Equity dividends paid                                                                 (607)          (649)

Financing
Issue of ordinary shares                                                              7,409            105

Increase/(decrease) in cash in the year                                               (486)         13,488

Reconciliation of net cash flow
to movement in net funds

Increase/(decrease) in cash balances in the year                                      (486)         13,488
Net funds at the beginning of the year                                               13,586             98

Net funds at the end of the year                                                     13,100         13,586




NOTES:



1.          Exceptional item

            The profit on disposal of fixed asset investment of £1,056,000, in
the year ended 30 September 2002, related to the sale of 260,000 London Stock
Exchange plc shares.  We continue to hold 265,000 London Stock Exchange plc
shares in our books at nil cost.



2.          Administrative expenses

            Administrative expenses include incentive payments of £4,335,000
(2002: £3,000,000) for the year ended 30 September 2003.



3.          Earnings per share

Basic earnings per share is calculated on profit on ordinary activities before
the exceptional item and after taxation of £6,435,000 (2002: £4,979,000) that
has been adjusted to £6,414,000 (2002: £4,970,000) to remove dividends from
shares held in the Employee Share Option Plan ('ESOP'). Diluted earnings per
share assumes that options outstanding at 30 September 2003 were exercised on 1
October 2002, where the exercise price per share was less than the fair value of
the price of the share during the year.



4.         Earnings per share excluding the exceptional item

Basic earnings per share is calculated on profit on ordinary activities after
taxation of £6,435,000 (2002: £4,240,000) that has been adjusted to £6,414,000
(2002: £4,231,000) to remove the exceptional item and dividends from shares held
in the ESOP. Diluted earnings per share assumes that options outstanding at 30
September 2003 were exercised on 1 October 2002, where the exercise price is
less than the fair value of the price of the share in the period.


                                                                   2003                         2002
                                                                 Number                       Number
                                                                  000's                        000's

Weighted average number of ordinary                              15,946                       14,963
shares in issue during the year-basic
Effect of options over ordinary shares                            2,648                        2,218

Diluted number of ordinary shares                                18,594                       17,181




5.         Dividend

           A dividend of 7.5p (2002: 5.6p) per ordinary share has been
proposed.  This is payable on 13 February 2004 subject to shareholders' approval
on 3 February 2004 to all shareholders on the register on 19 December 2003.



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 on or about 8 January 2004.  The results for the year ended 30
September 2002 are an abridged version of the Group's statutory accounts for
that year which received an unqualified auditors' report and have been filed
with the Registrar of Companies.



8.         Further copies

           A copy of the audited Report and Accounts and the circular
explaining the payment of the dividend and scrip alternative is to be sent to
all shareholders on or about 8 January 2004.  Copies of this announcement are
available free of charge for one month from:



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




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