Numis issued an upbeat trading statement at the end of July signalling that activity has been strong since the end of March and that revenue and profit for the current year to end September are likely to be comfortably ahead of the prior year. We have increased our estimate accordingly while holding our FY18 forecast steady on a precautionary basis. The recent pick up in trading is evidence of how the strength of the franchise pays off in favourable market conditions and provides an encouraging backdrop as board changes signal further measured evolution in management.

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