STOCKBROKER Panmure Gordon, which has a Liverpool office, is to pay bonuses to key staff after the firm continued its good profits performance.
In an update for the year to December 31 today it said that as in the first half, the firm’s continuing business was profitable in each month of the second half of the year, in spite of continued low market-wide trading volumes.
But full year profitability in its continuing business will have been driven by “much improved corporate transaction revenues”, it said.
Costs remain under control and it said this, together with the recovery in corporate transaction revenues, has enabled the firm to develop new revenue generating business lines and to make a provision for bonus payments to key staff.
Chief executive Phillip Wale said today: “In a consolidating market, we have capitalised on our position of strength to expand our services and client base.
“We were delighted to hire a leading investment funds team, which has steadily helped us to gain a significant number of new listed clients, rising from 72 at the half year to 98 today.
“Despite challenging market conditions, we helped our clients to raise more than £340m. We completed four independent public offerings and a number of other client mandates, including two cross-border merger and acquisition transactions.”
He added: “With no debt, a strong capital base, and the continued support of our major investor QInvest, we have a sound platform from which to seize opportunities to further strengthen and develop our business.”
The firm will announce its preliminary results for 2012 in the week commencing March 18.