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UPDATE 2-Investment bank Panmure Gordon profit nearly doubles

Tue, 25th Mar 2014 10:14

* Full-year pretax profit from cont. ops. up 95 pct to 1.17mln stg

* Full-year net commission and fee income up 29 pct to 27.32mln stg

* Raised more than 1.46 bln pounds through 11 IPOs and 20fundraisings

* Tech IPOs seeing high momentum - CEO

* Investors looking keenly at AIM listings - CEO (Adds CEO comments, CFO comments, background; updates sharemovement)

By Esha Vaish

March 25 (Reuters) - Stockbroker and investment bank PanmureGordon & Co Plc's full-year profit nearly doubled, as itsigned new corporate clients and got a boost from the pick-up inBritish IPO activity in the second half.

The firm, whose clients range from FTSE-100 components tosmall-cap companies, said net commission and fee income jumped29 percent to 27.32 million pounds ($45.05 million) in the yearended Dec. 31.

Pretax profit from continuing operations rose to 1.17million pounds from 595,000 pounds a year earlier.

Panmure Gordon, founded in 1876 during England's secondindustrial revolution, raised more than 1.46 billion pounds forits clients across 11 IPOs and 20 fundraisings.

Last year was London's busiest for stock market listingssince the financial crisis struck, with theme park operatorMerlin Entertainments and estate agency Foxtons among the big-ticket offerings.

Polar Capital Global Financials Trust's 153 millionpound IPO was 2013's largest for Panmure Gordon, which advisesover 130 companies through its offices in England, Switzerlandand Singapore.

Technology companies were leading this IPO wave, PanmureGordon said on Tuesday.

"We've seen an appetite for tech and it has in no way waned.If anything, it has strengthened to become in some cases alittle bit more diverse," Chief Executive Phillip Wale toldReuters.

Investors were keen on IPOs at the Alternative InvestmentMarket (AIM), London's junior exchange, where growth rates arehigher, Panmure Gordon said.

"As large industries have started to run out of steam, tobecome fully valued investors start to look down the market-capscale where they can get growth in return," said Wale.

According to the London Stock Exchange website, itssubmarket AIM was the most successful growth market in theworld.

The AIM all-share index jumped 23 percent in thesecond half of 2013, outpacing the FTSE-100's 8.6percent growth and a 14.5 percent rise in the S&P 500 Index.

Panmure Gordon said on Tuesday it brought on board 34 newcorporate clients in 2013.

The company did not recommended a dividend for the year. ButChief Financial Office Philip Tansey said it intended to do sothis year.

Shares in Panmure Gordon, which listed in 2005 on London'sAIM exchange through a reverse takeover of Durlacher Corp, wereup nearly 1 percent at 170 pence in slim trade at 1003 GMT onthe London Stock Exchange. ($1 = 0.61 British Pounds) (Reporting by Esha Vaish and Richa Naidu in Bangalore; Editingby Joyjeet Das)

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