Yahoo Finance Boom time at Numis means big banker bonuses
Numis clients include Moonpig
(Getty Images/iStockphoto)CITY broker Numis is booming, a result for bankers likely to rake in hefty bonuses and shareholders who include Lord Michael Spencer and Danish retail billionaire Anders Holch Povlsen.
In the half-year revenues jumped 83% to £115 million, with profits up 442% at £39 million. Staff costs of £55 million for six months spread over 287 staff suggest average pay of nearly £400,000 at the bank.
Average revenue per head is over £800,000.
The top deal makers, certainly including co chief executives Alex Ham, 38, and Ross Mitchinson, 43, will make millions.
Ham and Mitchinson have transformed Numis from a small cap broker into a serious player competing for deals with the biggest investment banks. They have floated Moonpig and Bytes, and raised money for Klarna and Cazoo among many others.
The average market cap of a Numis client is now £1.3 billion.
Numis, based near St Paul’s, is moving to new offices on Gresham Street in the City – staff are keen to get back into the office, says Mitchinson.
Today’s statement refers to “targeted hiring activities”. Mitchinson says they are looking to lure top investment bankers, while 12 graduates will start in September.
Lord Spencer owns 6% of the shares, while Holch Povlsen, also a big investor in ASOS, has 22%.
The shares have soared from 273p a year ago – today they rose 8p to 399p.
Ham said: “Whilst in the current environment there remains some short-term uncertainty, the business has great momentum, and the pipeline is strong.”
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