Thu 28 Jul 2011
Panmure Gordon & Co. plc (“Panmure Gordon” or “the Group”) is pleased to issue a trading update ahead of the half year results for the six months to 30 June 2011.
The Group is benefiting from increased appetite for technology-focused investment banking transactions in the US, such that more than half the Group’s revenue will have been earned in the US in the reporting period.
Commission levels across the Group remain under pressure given continuing low market volumes. In investment banking, UK revenues will be down half-on-half, but US revenues will show a substantial improvement.
The combined effect of the Group’s activities, including the hiring and retention of key staff, will result in a significantly reduced operating loss compared to the first half of last year. We are further encouraged by the Group’s pipeline and, as in recent years, expect performance to be strongly second half weighted despite continuing macroeconomic pressures.
Panmure Gordon will be announcing its results for the six months to 30 June 2011 on or around Wednesday 28 September 2011.
Nathaniel Webb, Group Communications Director +44 (0)20 7614 8333
Billy Clegg +44 (0)20 7269 7157
Ed Gascoigne-Pees +44 (0)20 7269 7132
Grant Thornton Corporate Finance (NOMAD)
Philip Secrett +44 (0)20 7383 5100
Jen Hatter +44 (0)20 7383 5100