PMR.L Regulatory News (PMR)

15 Dec 2006 09:48

Panmure Gordon & Co. plc15 December 2006 Panmure Gordon & Co. plc ("Panmure Gordon") Trading Update Panmure Gordon today gives a trading update for the year ending 31 December2006. The Board is pleased with the continued progress in building Panmure Gordon as aleading independent UK stockbroker, with a strong institutional equities andcorporate finance business. The board now expects revenue for the year to be not less than £41m, exceedinganalyst's forecasts and, based on an average weighted number of shares in issueof 62.1m, adjusted earnings per share (before exceptional items and FRS 20option charges) to be not less than 15.0p. Adjusted diluted earnings per shareon a similar basis is expected to be not less than 14.3p. Compared to the year ended 31 December 2005 (which represented only 8 months ofthe combination of Panmure Gordon and the old Durlacher business) net revenuefor the current year will have increased by at least 36%. The business is wellbalanced with approximately half of revenue emanating from institutionalequities and corporate retainers, as opposed to deal related fees. Headcount atthe year end will be approximately 125 and revenue per employee will havetherefore shown a substantial increase year on year. We continue to keep a closecontrol on costs. The second half of the year has seen a continued good performance. Highlights ofthe second half include: • Working as financial advisor or stockbroker on over £4.0bn of UK public offers. • Assisting corporate clients to raise over £720m from the public and private markets • Being bookrunner, broker or Nomad to 9 IPOs, further strengthening the quality of our corporate client list. In Institutional Equities we have continued with our strategy of clientfacilitation rather than proprietary trading, growing commissions and limitingtrading risk. The outlook for 2007 is encouraging and we anticipate this being a year ofgrowth for the firm. The results for the year ending 31 December 2006 will beannounced on 13th March 2007. -ends- For further information please contact: Panmure Gordon:Tim Linacre/David Liddell 020 7459 3600 Bell Pottinger Corporate & Financial:David Rydell / Nick Lambert / Chris Hamilton 020 7861 3232 Notes to Editors: About Panmure Gordon - Panmure Gordon is a UK-focused corporate and institutional stockbroker which provides corporate finance advice, distributes and trades securities and publishes investment research on behalf of a wide range of clients - The firm is one of the oldest established stockbrokers in the City, having been founded in 1876 by Harry Panmure Gordon - The business merged with Durlacher Corporation Plc at the end of April 2005 and is focused on UK equities, ranging from FTSE 100 to fast growing AIM stocks - Panmure Gordon is quoted on AIM (PMR.L) - Panmure Gordon currently advises or is stockbroker to approximately 100 companies - Its institutional client base is served by a very experienced sales team and supported by in-depth research on more than 250 companies and 300 investment trusts - For more information on Panmure Gordon please visit http://www.panmure.com - For more information on Panmure Capital please visit http://www.panmurecapital.com This information is provided by RNS The company news service from the London Stock Exchange