23 Dec 2015 07:00
FOR IMMEDIATE RELEASE 23 December 2015
Panmure Gordon & Co. plc
("Panmure Gordon" or the "Company")
Trading Update
Panmure Gordon (AIM: PMR), the independent institutional stockbroker and investment bank, announces a trading update for the financial year ending 31 December 2015.
Difficult market conditions have prevailed in the second half of the year resulting in a decline in capital market transactions leading to lower revenue in 2015 and a number of corporate transactions being deferred into 2016. This will result in an expected loss after tax for the current financial year from normal operations of approximately £4.0m to £4.5m.
However, as a consequence, the pipeline of corporate transactions scheduled to take place in 2016 has continued to build to an encouraging level that is expected, subject to market conditions, to generate much improved revenues. Regulatory capital and cash resources are healthy and supportive of the on-going levels of business activity.
Based on the strength of its mandated and prospective pipeline of corporate transactions, the benefit of the recent acquisition of Charles Stanley Securities and the continued support of its major shareholder, QInvest, the Board remains confident of the future prospects of the Company.
Group Chief Executive Phillip Wale, said: "Deferment of deal-flow has led to a disappointing end to the year, however we look forward to an encouraging start to the first half of 2016. Over £500m has been raised for clients in 2015 and our strategy remains focused on advising corporate clients in the small to midcap market."
Enquiries:
Panmure Gordon 020 7886 2500
Phillip Wale, Chief Executive
Philip Tansey, Chief Financial Officer
Grant Thornton Corporate Finance (Nominated Adviser) 020 7383 5100
Philip Secrett/Salmaan Khawaja/Jen Clarke
Buchanan (Financial PR) 020 7466 5000
Mark Edwards/Helen Chan/Stephanie Watson
panmure@buchanan.uk.com