Panmure posts larger yearly losses

STOCKBROKER Panmure Gordon recorded a further slip in its profits, posting a bigger loss than a year earlier.

The firm posted a pre-tax loss of £4.26m for the year, further into the red than the £3.08m deficit it recorded a year earlier.

Net revenues were also down to £40.46m, from £50.86m a year earlier.

“Obviously it’s painful to produce [results] that are loss making,” said chief executive Tim Linacre.

“2010, for everybody, was a very, very tough year.”

He added that the losses related to the first-half of last year, adding that it saw profits in the second-half.

The results were also in line with a trading statement the broker put out earlier this year.

Panmure was appointed to 19 new corporate clients in the UK last year, with an increasing emphasis on companies that have exposure to growing economies.

Linacre said the situation in Japan, following its devastating earthquake and tsunami, could cause problems for the broker this year.

“Its very hard you always come into every year with optimism. But in the last few weeks with the Middle East and Japan, it obviously makes it harder for everybody,” he said.

“Clearly the market is going to remain quite challenging for everybody but we remain confident.”