5th Jan 2011 07:00
5 January 2011
Panmure Gordon & Co. plc
Trading update
Panmure Gordon & Co. plc ("Panmure Gordon"), the stock broking and investment banking group, is pleased to issue a trading update for the year ended 31 December 2010.
The operating performance of the group showed a significant improvement in the second half of the year. Both our UK and US businesses generated operating profits in this six months, in spite of continued challenging trading conditions.
In UK investment banking, the second half of the year saw the completion of a number of client transactions including fundraisings, M&A advisory and restructurings. We have also been successful in winning corporate clients, having been appointed to 22 new clients during the year.
In the US, after a very difficult first half of the year, we saw a substantial improvement in the second half. This business generated operating profits in every one of the last five months of the half year and was profitable at the operating profit level for the half year as a whole. The investment banking pipeline to which we referred in our half year results has begun to be executed. Although transactions are taking longer to complete in current markets, US investment banking revenue for the year as a whole was more than five times that recorded in the first half of the year.
Both the UK and the US investment banking businesses have a good pipeline of deals for 2011.
In both the UK and the US secondary markets conditions remain subdued with continuing low volumes of shares traded.
The joint venture to market Ambit's Indian research to emerging market fund managers in the UK is now underway and we are optimistic for the prospects for this initiative.
All costs incurred in dealing with the unsolicited bid approach, and in settling the previously disclosed SPQR litigation and the US employee litigation will be treated as exceptional items in the year end numbers.
Panmure Gordon will be announcing its final results for 2010 on Thursday 17 March 2011.
Enquiries:
| Panmure Gordon | ||
| Tim Linacre, Chief Executive | +44 (0)20 7459 3600 | |
| Nathaniel Webb (Group Communications Manager) | +44 (0)20 7614 8333 | |
| Financial Dynamics | ||
| Ed Gascoigne-Pees | +44 (0)20 7269 7132 | |
| Billy Clegg | +44 (0)20 7269 7157 | |
| Grant Thornton Corporate Finance (NOMAD) | ||
| Gerry Beaney | +44 (0)20 7383 5100 |
Copyright Business Wire 2011
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