13th Jan 2006 07:00
Panmure Gordon & Co. plc13 January 2006 Pre-Close Update The Board of Panmure Gordon ("the Board") is pleased to announce an update aheadof the close period for the year ended 31st December 2005. Following a strong end to the year the Board expects revenue for the year to benot less than £29.9 million of which £22.8 million will have been earned in thesecond half of the year. Having continued to invest in the business the Board expects operating profitbefore FRS20 option related charges and exceptional charges to be not less than£5.4m, of which £5.2m will have been earned in the second half of the year. On the basis of 44,687,572, being the estimate of the average number of sharesin issue, and an assumed tax charge of 20%, the Board expects earnings per shareon continuing activities before exceptional charges and FRS20 option relatedcharges to be not less than 10.75p. The financial performance for the year ended 31 December 2005 includes theresults of Durlacher alone for the period 1 January 2005 to 26 April 2005 andfor the combined business for the rest of the period. 2005 was a year of fundamental change. The integration of the Panmure Gordon andDurlacher businesses exceeded expectations and the business gained considerablemomentum in the second half of the year against a background of helpful marketconditions. We see a number of areas in which the firm can grow in 2006. Today we haveannounced a new Joint Venture with Bank of Scotland called Panmure Capital, aco-investment vehicle targeting late stage pre IPO opportunities. We have alsotoday announced the appointment of Charles Stonehill as non-executive DeputyChairman of Panmure Gordon. Our performance is dependent on market conditions,however we believe that we can continue to develop the Panmure Gordon franchiseand that the business will continue to make progress, in the year ahead. Enquiries: Panmure GordonDavid Liddell 020 7459 5749Tim Linacre 020 7614 8300 Bell Pottinger Corporate & FinancialDavid Rydell / Nick Lambert / Chris Hamilton 020 7861 3232 About Panmure Gordon •Panmure Gordon is a UK-focused corporate and institutional stockbroker which provides corporate finance advice, distributes and trades securities and publishes investment research on behalf of a wide range of clients•The firm is one of the oldest established stockbrokers in the City, having been founded in 1876 by Harry Panmure Gordon•The business merged with Durlacher Corporation Plc at the end of April 2005 and is focused on UK equities, ranging from FTSE 100 to fast growing AIM stocks•Panmure Gordon is quoted on AIM (PMR.L)•One third of the Company's Ordinary shares are held on behalf of management and staff with approximately a further third owned by UKPG Holdings LLC, which is in turn owned by LFCM Holdings LLC•Panmure Gordon currently advises or is stockbroker to approximately 100 companies•Its institutional client base is served by a very experienced sales team and supported by in-depth research on more than 250 companies and 300 investment trusts•For more information on Panmure Gordon please visit http://www.panmure.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PMR.L