25th Jun 2012 07:08
Panmure Gordon & Co. plc("the Company")
AGM statement
At the annual general meeting of the Company being held today, Ed Warner, the Chairman, will make the following comments:
"Despite market conditions remaining very challenging in 2012, our UK business has seen a pleasing improvement in performance over 2011. Against a background of a continuing Eurozone crisis and slow global growth impacting both share trading and investment banking transactions, it is encouraging to report an increase in both institutional equity commission and investment banking revenue which, when combined with the cost reductions at the end of 2011, has led to profitability for the UK business in each month of the year so far.
"Particularly pleasing has been the successful IPOs of two companies, and the completion of a number of investment banking deals on behalf of clients.
"This morning we announced the completion of the divestiture of our US business to management. The US business will be shown as a discontinued activity in the 2012 financial statements.
"We do not underestimate the challenges posed by these market conditions. However we can build on the hard work of the past months where we have reduced costs, seen commission and investment banking revenue improve, completed the divestiture of our US business and hired a new CEO. While we expect markets to remain very difficult we believe we can continue to make progress and see opportunities for growth."
| Enquiries: | |||
| Panmure Gordon | |||
| Ed Warner, Chairman | |||
| Phillip Wale, Chief Executive | 020 7459 3600 | ||
| FTI Consulting | |||
| Billy Clegg | 020 7269 7157/07977 578153 | ||
| Ed Gascoigne-Pees | 020 7269 7132/07884 001949 | ||
| Grant Thornton (NOMAD) | |||
| Gerry Beaney | |||
| Salmaan Khawaja | |||
| Jen Hatter | 020 7383 5100 | ||
Copyright Business Wire 2012
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