Panmure Gordon, one of the City’s oldest stockbroking and corporate advisory firms, has warned that it faces a full-year loss after a drop in company deals and transactions.
The firm focuses on the small and medium-cap sector, which has suffered especially in the latest slowdown of corporate activity.
The group, which was founded in 1876 and is chaired by UK Athletics chair Ed Warner, said in a statement on Wednesday morning that it expects a loss after tax of £4–4.5m for the 12 months to the end of December.
It blamed “difficult market conditions” in the second half of the year and said that corporate transactions were being pushed back into 2016. Sources said the downturn in the UK stock market since May had adversely affected the business.
“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,” Panmure Gordon group chief executive Phillip Wale said.
Panmure posted a first half pre-tax loss of £225,000 in September, and warned then that the rest of the year looked “tricky”.
Panmure bought Charles Stanley’s investment banking operations in July and at the time made some staff reductions. But some are saying these have not gone far enough.
The group has lost some large corporate clients in the recent past such as PZ Cussons, Wandisco and ABF Foods.
Wale says the group, whose shares fell 20.5% to 66p by mid-morning, retains the continued support of its major shareholder, the Qatari investor group QInvest.
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