Thu 17 Jan 2013
Panmure Gordon & Co. plc (“Panmure Gordon”), the independent institutional stock broker and investment bank, is pleased to issue a trading update for the year ended 31 December 2012.
As in the first half, Panmure Gordon’s continuing business was profitable in each month of the second half in spite of continued low market-wide trading volumes. Final full year profitability in our continuing business will have been primarily driven by much improved corporate transaction revenue. Costs remain carefully controlled. This, together with the recovery in corporate transaction revenues, has enabled the firm to develop new revenue generating business lines and to make a provision for bonus payments to key staff.
Panmure Gordon chief executive, Phillip Wale, commented:
“In a consolidating market, we have capitalised on our position of strength to expand our services and client base. We were delighted to hire a leading investment funds team, which has steadily helped us to gain a significant number of new listed clients, rising from 72 at the half year to 98 today. Despite challenging market conditions, we helped our clients to raise more than £340 million. We completed four IPOs and a number of other client mandates including two cross-border M&A transactions.”
“With no debt, a strong capital base, and the continued support of our major investor QInvest, we have a sound platform from which to seize opportunities to further strengthen and develop our business.”
Panmure Gordon will be announcing its preliminary results for 2012 in the week commencing 18 March 2013.