Numis has blamed a slump in primary market deals such as stock market listings for a drop in revenues and profits - as the brokerage firm’s founder and former chief executive steps down from the board.

Numis Corporation, which owns Numis Securities, has published its half year results for the six months to March 31. Revenues of £52.4 million fell 8% from their record high a year earlier. Pre-tax profits plunged by 38% to £10.5 million.