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.
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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published