- Financial services group Numis Corporation posted a 64% slump in first-half profit, pinned on market volatility.

Pre-tax profit for the six months through March dropped to £7.1m, down from £19.5m on-year.

Revenue fell by a quarter to £55.7m.

Numis kept its interim dividend steady at 5.5p per share, and said it had spent £7.5m on share buybacks over the period.

'We operate in a cyclical industry and our financial performance will always be influenced to a certain extent by market conditions,' co-chief executives Alex Ham and Ross Mitchinson said.

'Our first-half performance has been impacted by a significant slowdown in UK deal activity and investors maintaining a cautious approach toward the UK market.'

'However, we are encouraged by the continued progress of the business and believe our investment in recent years provides a strong platform from which we can continue to successfully execute our strategy.'

'Numis benefits from a strong financial position established over a period of many years.'

'This stability provides reassurance to existing and potential clients, and ensures Numis continues to be a great platform for our staff, and potential new hires.'

'Stability has also significantly contributed to our track record of outperformance during periods of difficult market conditions.'

'We believe the current market environment, whilst uncertain in the short term, presents further opportunities for the business to advance its strategic ambitions within an evolving competitive landscape.'

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