- Financial services outfit Numis said it had doubled its annual profit, with growth underpinned by a strong showing from its investment banking division.

Pre-tax profit for the year through September jumped to £74.2 million, up from £37.1 million year-on-year, as revenue rose 39% to £215.6 million.

Investment banking revenue climbed 52%, driven by a strong performance in capital market and advisory, which Numis said reflected a recovery in IPO volumes and M&A.

Revenue in the equities division grew 14% relative to what Numis said was a strong prior year.

The full-year dividend was 'rebased' to 13.5p, up 12.5% year-on-year.

'Our pipeline of deals continues to be strong, featuring ambitious growth businesses looking to access equity financing,' co-chief executives Alex Ham and Ross Mitchinson said.

'In addition, the UK M&A and global private markets continue to be active, and we believe there is meaningful revenue upside from both of these products as we continue to invest in them.'

'However, supply chain challenges and inflation fears have certainly had an impact on investor sentiment toward the UK in recent weeks.'

'As a result, execution of our capital markets pipeline, including IPOs, may be subject to greater uncertainty during the first half.'

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