Numis made good progress across its business in FY17, started the current year at a similar pace and has a good pipeline of potential deals. Implementation of MiFID II will affect research and sales income, but the evidence so far points to a moderate rather than severe impact on this part of the business. Trading is subject to market trends but, given the strong start to the year and the further development of the firm’s franchise, we have raised both our estimates and valuation.

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