Panmure gains from new hires

Michael Bow
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BROKER Panmure Gordon yesterday said its expanding corporate transaction business had driven it to profit in the second half of last year.

Despite a gloomy IPO market and depressed market volumes, the stockbroker was profitable for each month due to increased revenues on transactions, it said in a trading statement.

The company hired a former Matrix Corporate Capital funds team in November, which helped it add 26 new clients to its roster.

It also said yesterday it had reintroduced a provision for bonus payments to some of its top staff, while also keeping a tight control on costs.