Panmure Gordon share price: Greece and China chaos hit Panmure profit

 
Madeline Ratcliffe
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Panmure Gordon loss partly down to the political and economic fallout from Greece (Source: Getty)
Panmure Gordon announced yesterday it had made a loss of £200,000 in the six months to 30 June, compared with profits of £2m in the same period last year.

Despite an increase in clients, and a six per cent rise in commis­sion and trading income, to £5.7m, the investment bank reported a loss per share of 1.09p, down from earnings per share of 10p in the first half of 2014.

Chief executive Phillip Wale put the loss down to “challenging external political and economic factors such as the UK General Election, disruptive market volatility in China and the political and economic fallout from Greece”.

Specifically, he said the uncertainty leading up to the 7 May vote in the UK reduced corporate finance and related income by 35 per cent to £7.5m from £11.5m in 2014.

He said the independent stockbroker has completed a similar number of transactions to the same period last year, but that most were smaller in value.

The group now offers bond brokerage after the acquisition of Charles Stanley Securities in July.

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