- Investment banking and broking group Numis said it expected to post a 'materially higher' annual profit amid a jump in revenue

Revenue for the year through September was expected to be in excess of £150 million, up from £111.6 million year-on-year, following a stronger performance in the second half than the first.

Profits would be materially higher than the previous year's £12.4 million.

'Investment banking benefited from an increase in both deal volumes and average deal fees, whilst equities broadly repeated the strong performance achieved in the first half,' Numis said.

Investment banking revenues, it added were driven by capital markets activity, principally raising equity capital on behalf of corporate clients.

'The extreme market volatility and elevated market volumes which benefited the first-half equities performance subsided across the second half,' Numis said.

'However, equities delivered another good performance reflecting consistent trading profits, market share gains and a growing contribution from our electronic trading product which launched this year.'

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