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.
Subscribe to 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
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
