Panmure Gordon boosted by US recovery

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.