SHARES in Panmure Gordon fell by a sixth yesterday after it posted a fourfold increase in losses.
The broker said losses at its US arm ThinkEquity, which the company is selling to ThinkEquity’s management, had pushed overall group losses for the year ending December 2011 to £31.5m, worse than a 2010 loss of £7.4m.
Panmure endured a turbulent year with investment banking deals postponed or cancelled amid global turmoil. Net commission and fee income slipped six per cent to £37.95m and the underlying adjusted operating loss jumped 74 per cent to £10.54m.
The broker, which this month poached Philip Wale from rival Seymour Pierce to replace Tim Linacre as chief executive, said it will see the benefit of cost-cutting this year.
“Despite continuing low market volumes, the UK business has commenced the year well and we look to 2012 with increased confidence,” chairman Ed Warner said. Shares closed down 16.1 per cent at 11.75p.