Panmure back in the black on bullish outlook

INVESTMENT bank Panmure Gordon returned to profit in 2012 and said it is bullish on a rise in business this year as more companies aim to tap the markets with listings.

The broker said that after a relatively subdued year for initial public offerings (IPOs), it expects the recent market recovery to encourage firms that were previously holding back. “IPOs are one area where we see opportunity to build,” chief executive Phillip Wale said.

George Osborne’s promise to remove stamp duty on shares traded on London’s junior market, Aim, will also have boosted Panmure Gordon, which does a lot of work with Aim listings.

Its successful IPOs last year included technology firm WANdisco, whose shares have risen fourfold since June, and portable hotel room company Snoozebox.

Panmure Gordon said it had eked out a profit of £0.6m in 2012 after the previous year’s £6.3m loss. This came after a 25 per cent rise in corporate finance fees and a 20 per cent increase in commission and fee income.

The firm said this meant it would be paying bonuses to “key staff”.