Panmure gains from new hires

 
Michael Bow
Follow Michael
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.