23rd Sep 2014 07:56
LONDON (Alliance News) - Panmure Gordon & Co PLC Tuesday reported a jump in pretax profit, boosted by growth in revenues across both primary and secondary businesses.
Panmure Gordon also said it intends to recommend to shareholders at the annual general meeting in 2015 that the company pay a dividend, subject to continued profitability in the remainder of the year and the availability of sufficient distributable reserves.
In a statement, the stockbroker and investment bank said it made a GBP1.9 million pretax profit in the six months ended June 30, compared with GBP335,000 in the corresponding period last year, boosted by a 25% increase in net commission and fee income to GBP16.2 million.
The group said it was active on 10 significant transactions for its clients, helping them to raise more than GBP400.0 million during the period.
"I am pleased to report an impressive start to the year built on the hard work of recent years as we continue to be engaged on more transactions for our clients in a market that, whilst challenging, has improved over the period. As we have stated before, we look to strengthen the solid underlying business with additional diversity of earnings and a continued investment in good people when the opportunities present themselves," Chief Executive Phillip Wale said in a statement.
"We have an encouraging pipeline of corporate transactions and look forward to the rest of the year with confidence," the CEO added.
Panmure Gordon shares were Tuesday quoted up 6.8% at 150.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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