Panmure making profit every month this year

The investment bank and brokerage told shareholders at its annual general meeting it has been profitable every month so far this year.

Chairman Ed Warner said: “Despite market conditions remaining very challenging in 2012, our UK business has seen a pleasing improvement in performance over 2011.

“Against a background of a continuing eurozone crisis and slow global growth impacting both share trading and investment banking transactions, it is encouraging to report an increase in both institutional equity commission and investment banking revenue which, when combined with the cost reductions at the end of 2011, has led to profitability for the UK business in each month of the year so far.

“Particularly pleasing has been the successful IPOs of two companies, and the completion of a number of investment banking deals on behalf of clients.”

Panmure, which in April announced former Seymour Pierce chief executive Phillip Wale as its CEO, advised on the recent flotation of Sheffield-based software company WANdisco.

Panmure is also broker to Shipley-based mobile phone technology group Filtronic and Wetherby-based diagnostics specialist Avacta, as well as joint broker to Sheffield insulation giant SIG.

The brokerage yesterday completed the sale of its US subsidiary, ThinkEquity, to management. “We do not underestimate the challenges posed by these market conditions,” said Mr Warner. “However we can build on the hard work of the past months where we have reduced costs, seen commission and investment banking revenue improve, completed the divestiture of our US business and hired a new CEO.

“While we expect markets to remain very difficult we believe we can continue to make progress and see opportunities for growth.”