LONDON, 30 December 2009 – Panmure Gordon & Co plc, a leading independent investment banking and broking group, today issued a business update relating to the year ending 31 December 2009. Panmure Gordon has made significant progress in 2009. The start of the year was characterised by particularly hostile markets, and market conditions generally have been challenging during the year. Against this market backdrop, UK business performance has been encouraging. We have had a strong performance from investment banking, particularly in helping corporate clients raise money through secondary issues. We have gained market share in commission income, albeit in a market where commission levels are depressed against last year. Trading books have remained profitable while we continue to limit the size of our book positions and concentrate on client facilitation. In the US, equity capital markets activity remains at a fraction of normal historical levels. We have responded to this by continuing to reduce costs and head count and, while seeing reduced revenues, we have achieved improved operational performance. We are also seeing early indications of substantially improved activity levels for 2010 and are making a number of targeted hires accordingly. The investment banking pipeline is very encouraging, though will be conditional upon the recovery of IPO markets. We continue to work with our major shareholder, QInvest, on expanding the business. Tim Linacre, Panmure Gordon chief executive, commented: "The performance of the UK business has been encouraging. We have helped raise more than GBP750 million for clients, mainly in secondary issues. In a market where commission levels have been depressed we have gained market share. “In the US, business conditions have remained difficult. We are now seeing signs of an improvement. ThinkEquity is well placed to benefit from a recovery in the US IPO market which we anticipate happening from the second quarter of 2010. “Following the subscription by QInvest, we have a strong balance sheet and across the Group we have a good business pipeline. In looking forward with confidence, we expect the momentum in the UK business to continue into 2010 and in the US we are now starting to make some targeted senior hires in anticipation of a much better year ahead."