23rd Dec 2015 07:32
LONDON (Alliance News) - Stockbroker and investment bank Panmure Gordon & Co PLC on Wednesday said tough market conditions have continued into the second half of the year, leaving it looking robust going into 2016 but with revenue set to miss expectations in 2015.
Panmure said a decline in capital market transactions has been seen in the second half of 2015, with a number of transactions pushed into 2016. Due to this, it will make a post-tax loss of GBP4.0 million to GBP4.5 million for all of 2015, which would compared to a GBP1.5 million profit a year earlier.
The company said its pipeline for 2016 is strong and should lead to much-improved revenue next year.
"Deferment of deal-flow has led to a disappointing end to the year, however we look forward to an encouraging start to the first half of 2016. Over GBP500 million has been raised for clients in 2015, and our strategy remains focused on advising corporate clients in the small to mid-cap market," said Chief Executive Phillip Wale.
By Sam Unsted; [email protected]; @SamUAtAlliance
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