Numis Securities Ltd.
Numis Securities Inc.
News for 2013
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Numis Securities has today scooped the prestigious prize of best small and mid-cap broker in Britain, according to the latest annual survey by Thomson Reuters and Extel.
It is the first time in four years that Numis has been voted the best broker in its class and it received its accolade today at an awards ceremony in London’s Guildhall that is dubbed the City’s Oscars.
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CONGRATULATIONS to Oliver Hemsley's Numis, 15p higher at 177p. At the annual Thomson Reuters Extel Awards lunch at the Guildhall, it won the coveted award for the leading City stockbroker for UK small and mid-sized companies, voted for by leading institutional investors and brokers. Bank of America Merrill Lynch scooped the top prize of leading Pan-European brokerage firm, ending UBS's 12-year winning streak.
In the attached quarterly report from Experian, pp5-6 – Numis topped the advisory league table for UK IPOs in Q1, in terms of volume and value.
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Anyone who has been around for a while in the financial-services industry will remember the heated debate about independent research. Analysts working for the big banks and brokers, it was argued, were really just part of the sales force, employed to tip the stocks of companies their employers had an interest in.
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Numis has swung back in to the black, reporting rises of more than 41 per cent in stock broking commissions and fees for the six months to March.
The UK stockbroker has ridden out the market storm that engulfed rivals such as Seymour Pierce, which was bought out of administration by Cantor Fitzgerald in February.
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If, as I have suggested before, stockbroking is a question of the last man standing, then Numis Corporation is one of the clear survivors. Over the past five years it has increased the number of clients in the FTSE 250 from three to thirty-two, aided by the demise of some of the competition among the medium-sized brokers.
It would have been hard not to make money in these markets and halfway profits before tax in the six months to the end of March rose from £2.6 million to £9.2 million. The interim dividend of 4p is covered by earnings for the first time in several years. As a result, its cash pile grew from £35.9 million to £54.8 million over the first half. The company has been expanding its market share and is punching above its weight in the IPO stakes, bringing Crest Nicholson, the housebuilder, esure, the insurer, and more recently HellermannTyton, a cable equipment maker, to the stock market. Numis also has a strong position in the growing retail bond area, bringing four new issues to market in the first half.
No one can say with any certainty where the stock market is going and, clearly, any sharp correction would be bad news for Numis, but the fundamentals suggest that equities will remain in demand.
Numis shares, up 6p at 154p, are hard to value because of that lack of earnings visibility, but a maintained dividend does give the support of a forward yield of above 5 per cent, a decent enough return.
With the FTSE 100 climbing to a fresh five-and-a-half-year high, dealers certainly had cause to smile. But the traders and financiers at stockbroker Numis had more reason than most.
The City firm today revealed it had swung to a £9m pre-tax profit in the six months ending March 31, after reporting a £1.1m loss in the same period a year earlier, with business bolstered by the strong performance of UK stock markets as well as a revival in initial public offerings.
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Excellent half-year results left Numis Securities 6p dearer at 154p. The stockbroker and investment bank has been involved in 65pc of funds raised on the LSE in 2013 to date, helping pre-tax profits soar from £2.6m to £9.2m in the six months to the end of March on revenues 39pc higher at £32.4m. Its client list grew 13pc to 153 over the period
NUMIS, the City merchant bank and stockbroker, yesterday said London's resilient equity markets had helped it storm to strong half year profits this year.
The junior market listed broker, which handled the high profile floats of Crest Nicholson and Esure, has benefited from a ten per cent increase in secondary trading of FTSE stocks and more interest in initial public offerings.
"The IPO market has picked up and we've had a good share of that and built up our client base," chief executive Oliver Hemsley said. "The equity market is buoyant at the moment. Obviously there's always nervousness but markets are relatively fair."
Revenues rose 39 per cent to £32.4m, delivering an adjusted pretax profit of £9.2m for the six months ending March versus £2.6m a year ago.
Hemsley added that despite increased market sentiment and more business activity there was still too much capacity in the City stockbroking sector.
Profits at the stockbroker and investment bank Numis more than trebled in the past six months as stock markets soared and share flotations made a comeback.
Oliver Hemsley, the company's chief executive, said: "My view is that equities will continue to perform well and that institutions have a lot of money coming in, some of which will end up in stock markets and initial public offerings."
Pre-tax profits soared from £2.6m to £9.2m in the six months to the end of March on revenues up 39 per cent at £32.4m. Shares rose 6p to 154p.
Any fool can make money in rising markets, runs the old adage.
So no great surprise today that Numis Corporation managed to treble its pre-tax profits in the six months to March.
Not that I am suggesting chief executive Oliver Hemsley and his colleagues are in any way fools. In fact, Hemsley and co are far from stupid. They have realised that there is still room out there for niche players and that well-capitalised, well-funded corporate brokers can not only survive but also prosper when the going is good.
Numis now has 153 corporate clients, having added 18 in the last six months. It has also batted above its weight in terms of advising on flotations and retail bond issues. Hemsley makes the point that more and more corporates are now looking for independent financial advice outside the ranks of the big banks. There is also some evidence that those same big banks have been pulling back, particularly in areas such as sales and trading in medium-sized companies’ shares.
It is impossible to say that all brokers in the City are enjoying the boom. Those that are well managed and soundly funded, like Numis, Panmure Gordon and Canaccord Genuity, are almost certainly faring well as they grab at least their fair slice of the action.
But there are still firms out there that have been unable to take advantage of the upturn. I cannot, of course, name names.
In the meantime, Numis does not reveal bonuses at the halfway stage. They may not have trebled but I bet they are a lot better than last year.
Profits at stockbroker and investment bank Numis more than trebled in the last six months as stock markets soared and share flotations made a comeback.
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At a well attended conference at the London Stock Exchange yesterday, prolific lead manager Numis Securities painted a very positive picture of the future prospects for the UK retail bond market.
An eclectic mix of past and potential issuers, lead managers, brokers and wealth managers enjoyed a series of positive presentations from key industry participants and were left with the overwhelming message that this was a sector on the up.
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Working on the flotations of Crest Nicholson, esure and most recently HellermannTyton helped corporate stockbroker Numis enjoy a bumper start to the year.
Today it said pre-tax profits and revenues for the six months which end on Sunday will be “substantially above” the same period last year when it made profits of £4.1 million.
“What we are seeing is an appreciation of the difference between the big investment banks and strong independent brokers like us,” said chief executive Oliver Hemsley. “We have not only seen good corporate business but also a very strong performance in our secondary markets, where we are handling more and more big block trades.”
The half year also saw Numis appointed as joint broker to Daily Mail and General Trust, taking its brokerships to FTSE 350 companies to 30.
Numis shares jumped 7.5p, or 5%, to 151p.
Numis Corporation PLC: Expect to report revenues and profits substantially above the same period last year.
Numis Corp. says activity in all areas of its business has strengthened since Feb. AGM.
* Sees rev., profit “substantially above the same period last year”
* Co. to report profit for six months through March 31 on May 7
Numis Corporation PLC said Wednesday that activity in all areas of its business strengthened since its February AGM, and said it expects to report revenue and profit for the six months ended March 31 substantially ahead of the same period last year.
MAIN FACTS:
-Reports marked improvement in both secondary and primary income
-Shares closed Tuesday at 144 pence valuing the company at GBP165 million.
UK private equity firm Doughty Hanson is understood to have more than doubled its money by floating a stake in portfolio company HellermannTyton – a deal which marks the third successful financial sponsor-backed IPO in London in under a week.
Goldman Sachs and JP Morgan Securities acted as joint global co-ordinators and joint bookrunners on the offering. Numis Securities is acted as lead manager.
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CABLING products-maker HellermannTyton is planning a London listing at the end of this month to raise £35 million to finance its growth.
The group, which wants to increase its manufacturing space by 40%, said the offer will comprise new and existing shares. Hellermann's private-equity owner Doughty Hanson will sell some of its stake.
The company makes cable-management products, used for fastening, insulating, routing and connecting components in cables for the electrical, automotive and datacom markets.
The business, established more than 70 years ago, has been operating internationally for four decades, with sales bases in 34 countries. About half its sales come from Asia and the Americas.
Goldman Sachs and JPMorgan are acting as joint global co-ordinators and book-runners, with Numis Securities as lead manager.
In the dog eat dog world of stockbroking, there can be no doubt that Numis, 1p off at 146p, is on a roll. Yesterday’s successful placing of St Modwen stock followed hard on the heels of its involvement in the successful return to the main market of housebuilder Crest Nicholson, 2p easier at 262p. It is also one of the lead advisers to motor insurer eSure, which is accelerating towards a £1bn flotation.
Numis had 70 corporate clients in 2007 with an average market capitalisation of £165m and now services over 150 with an average market cap of £400m.
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By the time brokers packed down in front of their screens this time last week, another of their industry’s superannuated shops had disappeared.
Seymour Pierce, which could trace its name back to 1845, had been mopped up by a bull-necked New Yorker 100 years its junior.
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Numis won "BEST ADVISOR - CORPORATE SPONSOR" at tonight's UK Stock Market Awards 2013 beating four other nominees, Canaccord Genuity, Cenkos, FinnCap and JP Morgan Cazenove.
Our client ASOS won "Best Retail PLC", Rightmove "Best Media PLC", St Modwen Properties "Best Real Estate PLC" and Hargreaves Lansdown "Best Financial Services PLC".
An array of stock market flotations that were delayed during the financial crisis are now tipped for revival after Crest Nicholson, the housebuilder, completed the largest public listing in London so far this year at £553m.
Crest Nicholson, which builds upmarket homes mainly in the south of England, had become one of the most high-profile victims of the financial crisis after being taken over by its lenders in 2009. But its successful return to the market at 220p a share brings to an end a painful five years of restructuring.
The float - the biggest listing since Direct Line last October - sparked hopes of a revival in London's moribund IPO market.
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The stock market displayed another symptom of a return to better health as a hefty flotation got away. Crest Nicholson, the higher-quality housebuilder taken private at the top of the market six years ago, staged a decent enough return. Shares were priced at 220p, towards the top of the range, and, after the first day of dealing exclusively among the big City investors, they pushed to 255p. That valued London's biggest flotation since Direct Line in October at more than £600 million. Helped by Barclays, HSBC and Numis, Crest raised nearly £225 million, £56 million by selling new shares and the balance from sales by existing shareholders, including the distresseddebt hedge fund Varde and Deutsche Bank. Crest's return comes after a painful five-year absence, when it came close to collapse under its large debt pile. In 2007, Sir Tom Hunter, then said to be Scotland's richest man, and HBOS led the consortium to take Crest private. It was a disaster. Two debt restructurings delivered Crest into the control of Varde and Deutsche. Crest, founded in 1963 and employing nearly 600 people, should secure a spot in the FTSE 250 at the next index reshuffle. Its return also offers hope to other private companies whose ambitions to list were thwarted in recent years by foul markets and insipid demand. New Look, the fashion retailer, Merlin Entertainments, the owner of Alton Towers and Legoland, and Travelport, the airline ticketing firm, all pulled big share sales. New real estate flotations in particular have been rare, with only a handful taking place since the market crashed in 2009.
Gurus at Numis Securities expect a mergers and acquisition explosion this year because, following a five-year period of debt reduction, many companies are now carrying substantial gross cash balances earning negligible returns. They all remained prudent in 2012 but are now ready to push the boat out to increase capital returns for shareholders.
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BARCLAYS Capital and HSBC acted as joint sponsors, joint global co-ordinators and joint bookrunners on Crest Nicholson's initial public offering. Derek Shakespeare, a managing director at Barclays' investment banking division, is leading the effort for the bank. He recently advised Redraw founder and chairman Steve Morgan's vehicle Bridgemere and fund manager Tosca on their bid to take over the housebuilder, which was eventually pulled. He is joined by Chris Madderson, part of the bank's UK origination team and Ben West in the equity syndicates team. HSBC's advisory team was led by Nick Donald, head of equity capital markets (ECM). His previous deals include acting as joint bookrunner for miner Lonmin on its $817m rights issue in November. Simon Cloke, head of diversified industries at HSBC and ECM director Stuart Dickson worked with Donald on the deal. Norton Rose, the law firm also acted for Crest Nicholson, with corporate partners Mark Lloyd Williams and Tom Vita leading the team. Norton Rose also recently advised the consortium led by Malaysia's SP Setia that bought Battersea Power Station last year. Meanwhile broker Numis is lead manager on the listing while Lazard & Co is financial adviser to Crest Nicholson.
HOUSEBUILDER Crest Nicholson made a triumphant £553 million stock market return today as major investors piled into the biggest float of a British company since the launch of insurer Direct Line last October.
Demand for Crest's shares was such that the 50-year-old firm got the float away near the top end of the expected range, at 223p. Institutional investors immediately sent the price roaring more than 10% higher as nine million shares changed hands in the first minutes of "grey market" trading.
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Crest Nicholson this morning set a price of 220p a share for its London IPO, valuing the company at £553m. The property group said today it expected to raise gross proceeds of around £224.9m, comprising a primary component of £56m and secondary sales of £168.9m from existing shareholders. The shares will start trading on the London Stock Exchange this morning under the ticker CRST. The 50-year-old firm said it would return to the stock market on 21 January, five years after it was taken over as a result of the market crash. Barclays and HSBC acted as joint sponsors, joint global co-ordinators and joint bookrunners in relation to the offer. Numis acted as lead manager while Lazard was the financial adviser.
For a business that has just completed its fifth year of challenging markets, Numis Corporation sounded surprisingly chipper at the broker’s annual meeting yesterday. It has more than 150 corporate clients and a good position in the retail bond market. No one knows where the market rally will end, but, with £50 million in the bank, at least Numis will not have to go cap-in-hand to creditors, unlike other less well financed rivals.
In the dog eat dog world of stockbroking, Numisis more than holding its own. It rose 6.5p to 138p after reporting it has made an encouraging start to the year with revenues well ahead of last year.
Chairman David Arculus told the AGM it has been achieved by an increase in institutional commissions and improved trading. There have also been signs that the IPO market could be springing back to life.
Numis says that there has been an encouraging start to the year with revenues well ahead of the same period last year.
Chairman, Sir David Arculus, told shareholders at the AGM: "Despite having to contend with a fifth successive year of extremely tough market conditions, Numis again produced an acceptable result in 2012 given the challenging background.
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In the FTSE 250, Numis has been attracting clients and is now the fourth-largest broker in that index. According to Financial News’ analysis, Numis is the most improved broker, winning numerous clients from larger rivals. David Poutney, co-head of corporate broking at Numis, said: “There is a tendency from the bulge brackets to be more interested in fees and not service, so we have a lot of drop-offs from bulge brackets. People want stability; they want to know that their broker is going to be around.”
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2012 was a spectacular year for investors in small and mid-sized UK companies” according to London Business School emeritus professors Elroy Dimson and Paul Marsh, authors of the Numis Smaller Companies Index Annual Review, which was published today by Numis Corporation.
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Shares in small companies trounced their larger rivals in the year to December with gains of 29.9% according to the smaller companies index compiled for Numis Securities by Elroy Dimson and Paul Marsh of the London Business School.
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Shares in Britain’s smaller companies raced ahead of their larger listed peers last year, according to analysis by Numis.
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Call it the small-cap effect or call it a dash for trash, smaller capitalisation stocks are setting new records in the UK and US.
The argument for the US seems simple. Small caps are more exposed to the domestic economy than large companies and the US economy has been growing, if only slowly. But this does nothing to explain the performance of British smaller companies. They, too, are more exposed to the domestic economy which fell into a surprise double-dip.
Yet, UK small caps have beaten their US cousins in the past year. The Numis smaller companies index, excluding investment companies, returned 34 per cent (including dividends) since the start of 2012. In the US, the Russell 2000 returned 21 per cent.
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