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Housebuilder chat is tomorrow, but today I talk about brokers (and specifically Numis)

I will talk more about the housebuilders tomorrow after the publication of an update from Barratt Developments (BDEV), whose shares I am not particularly surprised to see are up 11% so far this year but down 25% over the last twelve months. Meanwhile, I see the latest Halifax update is rambling on about that it is “expected that the squeeze on household incomes from the rising cost of living and higher interest rates would lead to a slower housing market, particularly compared to the rapid growth of recent years”. Hardly surprising…and today I want to talk about something different: current trading at the “independent institutional stockbroker and corporate advisor” Numis (NUM).

NEWSFLOW

Numis (#NUM) – difficult market conditions continuation, 4 months revenue “similar to the second half run-rate of FY22”

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Numis (#NUM) – FY EPS -76% to 11.9p, DPS maintained at 13.5p, notes likely “some time” investment banking impact

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Numis (#NUM) – expects FY revenue -33%, notes continuing macro uncertainty

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Numis (#NUM) – Q3 revenue “ahead of the first half run-rate”, though equity markets and capital raising “challenging”

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Numis (#NUM) – H1 EPS -43%, DPS 6p, notes an uncertain capital markets outlook

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Numis (#NUM) – expects H1 revenue approx. -36%, “decline in equity capital markets activity”

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Numis (#NUM) – positive Q1 and argues “encouraging” pipeline, but Q2 “slower start”

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Numis (#NUM) – FY EPS +84%, DPS +13%, though notes recent impacts on investor sentiment

NEWSFLOW

Numis (#NUM) – increased revenue & profit, “pipeline remains very strong”