STOCKBROKER Panmure Gordon endured a ‘year of two halves’ but emerged with confidence for the current financial period.

The group, which opened a Liverpool office in Chapel Street in 2006, saw net revenues slump from £50.85m to £40.45m, although pre-tax losses narrowed from £10.13m in 2009 to £7.13m in the year to December 31.

It said the bulk of losses occurred in the first half of the year, while fortunes improved in the second half, particularly at its US subsidiary Think Equity.

Chairman Ed Warner said today: “After a very difficult first half of the year, it is encouraging to see a marked improvement in the second half of the year.

“We enter 2011 with a promising pipeline of business, particularly in the US where transactions are being executed despite the continuing challenging markets.”

By the year end Panmure had been involved in fund raisings worth more than £980m for clients and mergers and acquisition teams, and acted on transactions worth more than £900m.

It had also gained 19 new clients in a variety of sectors including mining, consumer, healthcare and agribusiness, operating internationally and in growing markets.

Its analysts’ research into the smaller companies sector was rated among the top four in the UK, while it formed a joint venture with Ambit Capital, one of India’s fastest growing investment banks, and will open an office in Singapore in the next three months.

Mr Warner said Think Equity led the second half revival by producing an adjusted operating profit, excluding annual staff incentive payments.

Chief executive Tim Linacre revealed that the US operation’s investment banking revenue was four times that compared with the first half: “It is encouraging to see this momentum continue.”

He added: “At the time of writing there is uncertainty arising from developments in the Middle East and Japan.

“Despite this, there are positive signs of a continuing improvement in business.”