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City broker Numis has warned of “moderately” lower income for the second half of its financial year, as an increase in M&A activity has yet to boost profits.

Numis said it was “not immune” to a “paucity of primary equity issuance in the UK market as a whole and the increase in M&A activity has yet to fully benefit our top line.”

But the company, led by co-CEOs Alex Ham and Ross Mitchinson, also said commissions and trading revenues had continued to “outperform historic levels” thanks to rising UK equity markets.

The lower total income for the six months ending March 2017 is in comparison to the previous half, in which “net income from [its] strategic investments…outperformed”.

Numis said:

We have a number of corporate transactions which are due to complete in April 2017 and based on the strength of our pipeline, we remain confident in the outturn for the full year.

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