STOCKBROKER Panmure Gordon defied the market gloom to bounce back into profit in the first six months of this year, according to results published yesterday.
Despite poor trading volumes on the London Stock Exchange, the firm’s bread and butter source of business, it delivered a £1.2m profit for the six months ended 30 June 2012 – reversing a £2.7m loss it incurred during the first half of last year.
The firm’s profits were boosted by a 41 per cent increase in corporate transaction revenues.
This drove net commission and fee income to £11.2m compared to £9.5m of income in the first six months of 2011.
A cut in administrative expenses down to £8.7m from £11.4m also helped the firm get back into the black.
Chief executive Phillip Wale said: “Being profitable every month so far this year reflects the impact of actions taken to reduce costs in 2011 and the inherent strength of Panmure Gordon’s business.”