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Panmure Gordon boosted by US recovery

Wed, 05th Jan 2011 08:16

Stockbroker and investment bank Panmure Gordon has seen a significant improvement in its operating performance in the second half of the year. "Both our UK and US businesses generated operating profits in this six months, in spite of continued challenging trading conditions," it adds.UK investment banking saw a decent number of client transactions including fundraisings, M&A advisory and restructurings, while the US picked up after a very difficult first half of the year. The US business generated operating profits in every one of the last five months of the half year and was profitable at the operating profit level for the half year as a whole. US investment banking revenue for the year as a whole was more than five times that recorded in the first half of the year.Both the UK and the US have a good pipeline of deals for 2011, Panmure added.All costs incurred in dealing with the unsolicited bid approach from rival Evolution, and in settling the previously disclosed SPQR litigation and the US employee litigation will be treated as exceptional items in the year end numbers, Panmure added.Evolution ended its interest in making a bid in October after its initial proposal was rejected by Panmure's board.
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BROKER RATINGS SUMMARY: OneSavings Upped To Buy, Aldermore Cut To Hold

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Evgen Pharma Buys Licensing Rights For Range Of Compounds In Spain

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9 Sep 2011 16:55

London close: Stocks dive on euro worries

The volatility continued heading into the weekend and stocks were nursing hefty losses at the close of play. The resignation of European Central Bank official Juergen Stark brought the Eurozone crisis into focus. Stark, a German, like many of his compatriots is unhappy about the Bank's policy of b

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9 Sep 2011 12:33

Broker tips: Home Retail, Premier Farnell, Evolution

Singer Capital Markets has slashed its target price for FTSE 250 retailer Home Retail Group by 29%, after the group's first half results showed continued tough trading at Argos and a challenging second quarter for Homebase. "Whilst not as bad as feared the continued weakness of trade at Argos and o

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9 Sep 2011 12:11

Broker snap: Peel Hunt ups target for Evolution after Investec offer

Following Investec's recommended offer for Evolution, Peel Hunt has raised its target price on the investment banking and stockbroking firm from 86p to 100p to reflect the offer price. Investec, the FTSE 100 South African banking titan, announced on Friday morning that it has made a recommended off

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