Numis has continued to enlarge its franchise with its corporate client list now standing at 185 compared with 157 at the end of FY13. To help maintain momentum in the business, the group has been addressing management succession with founder Oliver Hemsley to be succeeded by joint CEOs Alex Ham and Ross Mitchinson later this year. After strong first-half profit growth, we have left our estimates little changed reflecting an uncertain market background for the second half. This may prove conservative as may the share price which, on our ROE/COE model, implies growth of only 2-3%.
