Numis sees first-half revenue up as coronavirus boosts trading volumes

LONDON (Reuters) - British stockbroker Numis Corporation <NUM.L> on Monday said it expected a 10% jump in first-half revenue from the same time last year as it benefited from higher equity trading volumes caused by the coronavirus pandemic.

"Execution revenues benefited from an improvement in activity levels subsequent to the UK General Election," said the statement. "This has been sustained through the current market volatility experienced in recent weeks."

Despite subdued investment banking deal volumes for the six months ending on March 31, investment banking revenues will be marginally below the same period last year, offset by an increase in average fee, said Numis.

The company said its cash balance is currently higher than the position reported at year-end, with an undrawn, committed credit facility of 35 million pounds ($43.36 million).

(Reporting by Maiya Keidan; Editing by Rachel Armstrong)