Panmure reports improved second half

Stockbroker Panmure Gordon, which faced a takeover threat from rival Evolution Group last year, said its results improved during the second half.

Panmure said its American division had a substantial improvement in results during the second half, while its core British business benefited from work on takeovers, fundraisings and restructurings.

"Both the UK and the US investment banking businesses have a good pipeline of deals for 2011," Panmure said.

Last October, Evolution decided against bidding for Panmure following opposition from both Panmure itself and one of Evolution's main shareholders. Evolution's situation was complicated by it having to get the support of Qatar's QInvest, which has a 44 per cent stake in Panmure.