Stockbroker Panmure Gordon, which faced a takeover threat from rival Evolution Group last year, said its business was improving as it posted a widely-expected annual loss.
Panmure made an adjusted operating loss of £3.2m for the year to 31 December, reflecting restructuring costs, legal provisions and difficult market conditions.
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 having to get around Qatar's QInvest, which has a 44 per cent stake in Panmure.
Panmure said that, despite making a loss for 2010, its business was improving, with second-half revenues rising 36 per cent from the first-half.
"We enter 2011 with a promising pipeline of business, particularly in the US where transactions are being executed despite the continuing challenging markets," chairman Ed Warner said in a statement.
City A.M. Reporter