Panmure Gordon trading improves as equity recovery spurs trading interest

City A.M. Reporter
STOCKBROKER Panmure Gordon has said its losses narrowed in the first half of the year, as trading rose during the equity market rebound. <br /><br />The firm said its losses narrowed to &pound;3.65m, compared to &pound;19.5m in the same period a year earlier, in a statement to markets.<br /><br />Revenue rose by 23 per cent to &pound;28m thanks to the renewed interest in trading shares.<br /><br />The MSCI World Index&rsquo;s decline to a 14-year low in March made initial public offerings (IPO), where float on public stock markets, less lucrative, the group said.<br /><br />And the credit crisis cut off financing for takeovers, hurting Panmure&rsquo;s revenue from advising on fundraisings and mergers. <br /><br />The index has since rebounded 65 per cent, and the firm said today it expects &ldquo;some sign of recovery&rdquo; in IPOs at the end of this year.<br /><br />&ldquo;The first-half results bear testament to the tough business conditions then prevailing,&rdquo; chief executive Tim Linacre said.<br /><br />&ldquo;We are now experiencing better markets and these, coupled to our recent restructuring and strong management team, have seen the business performance improve.&rdquo;