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Panmure Gordon making progress

Mon, 24th May 2010 15:16

Panmure Gordon's chairman, Simon Heale, said at the stockbroking firm's annual general meeting on Monday that the "business is making progress against a background of volatile markets and a challenging economic backdrop," and indicated that the second half of the year would be stronger than the first in terms of revenue and profitability.In the UK commission levels have seen some improvement from earlier in the year while in the US, where the group trades as ThinkEquity, the investment banking pipeline continues to grow."ThinkEquity has been successful in winning financing and advisory mandates; its challenge is now to convert those mandates to meaningful revenue, to continue to build on the momentum being created and to drive the business towards profitability," Heale said.