The City does not have time for a lot of introspection, so it probably comes as no surprise that Numis, the Aim-listed broker and mid-sized investment bank with a market value of about £330 million, is not covered by any analysts.
This lack of professional commentary has done little to slow the company’s advance, though. In the past year the shares have risen by just under a third and on a five-year view have more than doubled. Go back to the 1996 market debut and you have a share price that in its early days looks like bitcoin’s trajectory today.
Yesterday, Numis reported record revenues at £130 million for its latest financial year, helped by commission and trading revenue hitting a record high of £44.8