Panmure Gordon turnaround on track
The investment bank and stockbroker, Panmure Gordon, has had a decent morning on the markets after revealing a turnaround in profits following last year's cost cutting programme.
The investment bank and stockbroker, Panmure Gordon, has had a decent morning on the markets after revealing a turnaround in profits following last year's cost cutting programme.
Earnings from continuing operations were £1.2m in the six months to the end of June with every month during the period yielding a profit. In the equivalent period of 2011 the group turned in a loss of £2.7m.
Commissions and fee income rose 18% to £11.2m driven by a 41% increase in transaction revenues.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm is debt free and administration expenses are down 24% after the disposal of the US business in June and savage cost cutting executed last year.
The Chief Executive, Phillip Wale said: "I am delighted that, in subdued markets, we are a broker-of-choice for dynamic companies seeking a successful flotation in London and we have an encouraging pipeline of investment banking mandates.
"Market conditions remain challenging, but with the full support of our major shareholder, QInvest, our simplified structure and improving quality of earnings, we look to the second half with confidence."
Panmure Gordon shares were up 6.5% in morning trading.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Review: The Grill at the Dorchester
The Grill at the Dorchester has a new, easy-going atmosphere, but the food is serious: from punchy beef wellington to grown-up tarte tatin, says Dan McEvoy
-
Review: The Hut, Colwell Bay – a seafood lunch with a holiday feel
Travel Getting to The Hut in Colwell Bay on the Isle of Wight is almost as rewarding as actually eating there