Interim Results

Numis Corporation PLC
29 April 2003



                             Numis Corporation Plc

             Interim results for the six months ended 31 March 2003



Numis Corporation Plc ('Numis') today announces unaudited interim results for
the six months ended 31 March 2003. Numis is the holding company of Numis
Securities Limited, a specialist investment banking and stockbroking business.



Highlights



•        Profit before tax and exceptionals up by 37% to £5.08m (2002: £3.71m)


•        Basic earnings per share up 31% to 23.4p (2002: 17.8p pre exceptional
         profit)


•        Net assets increased by 30% to £20.6m (2002: £15.8m)


•        £240m raised for corporate clients


•        Sponsored the largest IPO in London during the period under review


•        Corporate client list increases from 25 to 40


•        Michael Spencer, Chief Executive of Icap, to become Chairman


•        Equity issue to Intercapital Private Group to raise £5.7m





Oliver Hemsley, chief executive of Numis Corporation, said:



'We are pleased to report a strong set of results.  Numis is maturing into a
significant  investment banking and stockbroking group and we are delighted to
welcome Michael Spencer as chairman. His tremendous experience of global
financial markets will prove invaluable to the Group as it moves forward.



We have made a satisfactory start to the second half of the year.  We are
confident that the increased financial resources provided by the equity issue,
combined with the high quality individuals that we are recruiting, lay the
foundations for future growth'.



Contacts:


Numis Corporation
Oliver Hemsley, Chief Executive                              020 7776 1500



Gavin Anderson & Company
Neil Bennett                                                 020 7554 1400
Laura Hickman





Chief Executive's Statement


We are pleased to report that the Group's profit before tax for the six months
ended 31 March 2003 was £5.08 million (2002: £3.71 million before an exceptional
item). Turnover increased for the period to £11.5 million (2002: £9.4 million).
Basic earnings per share were 23.4p (2002: 17.8p before the exceptional profit).
Net assets have increased to £20.6 million (2002: £15.8 million). This has been
a considerable achievement at a time when equity market conditions in the UK and
overseas have remained challenging.



Corporate Finance & Corporate Broking


During the six months under review we have raised in excess of £240 million for
corporate clients. Transactions included the largest initial public offering in
the London market during the period under review. We have continued to attract
new clients and are delighted that there is an increasing awareness amongst UK
quoted companies of Numis and its services.



We now have 40 corporate clients, compared to 25 six months earlier, and we
expect to grow this number further. New and existing corporate clients are drawn
from our specialist sectors of insurance, financials, media, retail, food
producers, support services, life sciences, mining and high tech engineering.



We are building our Corporate Finance business through the addition of a number
of high quality individuals and we are confident of growing our client list
whilst at the same time enhancing the level of service we provide.



Research, Sales & Trading


Our analytical coverage of UK companies is increasing alongside our reputation
for providing independent comment. Our secondary market activities have held up
well despite the weak equity markets and we are using the opportunities offered
by the bear market to upgrade our service and personnel. Our market making and
sales trading divisions continue to make progress and we now make markets in 149
stocks.   We will increase this number where we believe we can add liquidity and
expertise.



Other Developments


In a separate press release today, we are also announcing the appointment of
Michael Spencer as our chairman. Michael is Group Chief Executive of Icap, the
world's largest inter-dealer broker. We are also announcing an equity issue of
1.828 million new ordinary shares to Intercapital Private Group Limited, a
private company chaired by Michael Spencer, at 315p per share to raise £5.7
million, after expenses. The equity issue is subject, amongst other things, to
shareholders' approval at an extraordinary general meeting to be held on
Thursday 5 June 2003.



At that extraordinary general meeting, we are also proposing the adoption of a
Long Term Incentive Plan ('LTIP') for the benefit of our employees. The quality
of our employees is essential to our success and we have always believed in the
importance of aligning their interests with those of our external shareholders.
The establishment of the LTIP will provide a valuable tool in retaining our key
contributors and in attracting new teams. Initial awards under the LTIP are
expected to raise a further £1.3 million for the Group. Further details of the
equity issue and the LTIP are contained in a circular that will be sent to
shareholders shortly.



Outlook


Market conditions remain challenging and we are grateful to our staff for their
considerable efforts over the period. However, we remain focused on developing
our business whilst keeping a firm control on costs.



We have made a satisfactory start to the second half of the year and are
confident that we are putting in place strong foundations for future growth.









Oliver Hemsley
Chief Executive
29 April 2003












Consolidated profit and loss account
Unaudited results for the 6 months ended 31 March 03

                                             6 months       6 months            Year
                                                ended          ended           ended
                                            31 Mar 03      31 Mar 02      30 Sept 02
                                            Unaudited      Unaudited         Audited


                                                    £              £               £


TURNOVER                                   11,500,558      9,427,901      17,413,364

Administrative expenses                   (6,914,042)    (6,078,765)    (11,987,343)


OPERATING PROFIT                            4,586,516      3,349,136       5,426,021

Share of associated undertaking's
profit                                        194,814        229,315         341,314

Exceptional item
- profit on disposal of fixed asset                 0      1,055,654       1,055,654
investments


PROFIT ON ORDINARY ACTIVITIES
BEFORE INTEREST AND AMOUNTS
WRITTEN OFF INVESTMENTS                     4,781,330      4,634,105       6,822,989

Interest receivable and similar income        310,827        243,523         469,426
Amounts written off investments                     0      (111,989)       (114,489)
Interest payable and similar charges          (8,339)          (297)           (854)

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                             5,083,818      4,765,342       7,177,072

Taxation on profit on ordinary activities (1,525,144)    (1,354,787)     (2,198,212)



PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                              3,558,674      3,410,555       4,978,860

Earnings per share
Basic                                            23.4 p         22.7 p          33.2 p
Diluted                                          19.5 p         19.8 p          28.9 p

Earnings per share, excluding exceptional
item
Basic                                            23.4 p         17.8 p          28.3 p
Diluted                                          19.5 p         15.5 p          24.6 p






Consolidated balance sheet
Unaudited as at 31 March 03


                                                              31 Mar 03           31 Mar 02        30 Sept 02
                                                              Unaudited           Unaudited           Audited
                                                                      £                   £                 £


Fixed Assets

Tangible fixed assets                                           910,224           1,080,999         1,078,992
Fixed asset investments                                       1,719,612             992,366         1,209,277
Investment in associated undertaking                            616,986             402,216           480,616

                                                              3,246,822           2,475,581         2,768,885

Current assets
Debtors                                                      17,323,785          17,861,826        18,533,150
Investments                                                   1,620,021             304,572           960,588
Cash at bank and in hand                                     15,698,427          11,694,160        13,586,063

                                                             34,642,233          29,860,558        33,079,801
Creditors

Amounts falling due within one year                        (17,264,361)        (16,566,931)      (19,266,829)


Net current assets                                           17,377,872          13,293,627        13,812,972


Net assets                                                   20,624,694          15,769,208        16,581,857


Capital and reserves
Share capital                                                 3,905,767           3,818,000         3,842,583
Share premium account                                         3,781,228           3,275,925         3,356,425
Profit and loss account                                      12,937,699           8,675,283         9,382,849

Shareholders funds                                           20,624,694          15,769,208        16,581,857






Notes



Accounting policies



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



Earnings per share



Basic earnings per share is based on profit on ordinary activities after
taxation of  £3,558,674 (2002: £3,410,555), adjusted to £3,538,122 (2002:
£3,401,332) to remove dividends held in the Employee Share Trust, on a weighted
average number of ordinary shares in issue during the period of 15,118,029
(2002:  14,980,000). Diluted earnings per share assumes that options outstanding
at the end of the financial period were exercised at the beginning of the
financial period where the exercise price per share is less than the fair value
of the price of the share in the period.



Administrative expenses



Administrative expenses include a provision for incentive payments of £2.18m
(2002: £1.59m).



Dividend



The Group will pay no interim dividend (2002: Nil).



Audited results



The audited results for the year ended 30 September 2002 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.



Further copies



Copies of the interim statement will be sent to shareholders shortly.  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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