Numis Securities this morning said it had increased both its profits and the breadth of its client base in the UK but that it would allocate greater resources to emerging markets over the next two years amid scarcer liquidity for western companies that could lead to a bout of consolidation among mid-market brokers.

Oliver Hemsley, chief executive of Numis, revealed the plan as he said full-year profits at the broker rose 13% to £40.3m after it client base and weathered a slowdown in liquidity at small and mid-cap clients. Revenues at the company increased 21% to £87.6m for the year to the end of September.