Panmure stems the tide with first profit since financial crisis
FINANCIAL firm Panmure Gordon reported encouraging full-year figures yesterday, helped by the ongoing revival in stock markets.
The firm, which is working on the listing of Horizon Discover due tomorrow, reported its first statutory profit since 2007.
“What we’ve done is try to put the firm back on track,” chief executive Phillip Wale told City A.M. “Now there’s a healthy pipeline of deals coming to the market.”
A boost in the number of corporate customers – from 96 last year to 133 today – and a huge rise in the amount of money it has raised for clients helped drive up pre-tax profits by 95 per cent to £1.17m.
However, taxes and a charge of £627,000 related to the sale of its US business ThinkEquity in 2012 helped eat into the numbers, leaving an overall statutory profits of £205,000.
This was better than the £3.52m loss reported last year.
Net commission and fee income rose 29 per cent to £27.32m, up from £21.22m last year.