Panmure Gordon to Resume Bonuses as Full-Year Net Loss Narrows
Panmure Gordon & Co. (PMR), a London- based stockbroker, said it resumed paying bonuses to top employees as it posted a narrower full-year loss.
The net loss narrowed to 3.5 million pounds ($5.3 million) from 31.5 million pounds in the year-earlier period, the London- based company said in a statement today. Commissions and fees jumped 20 percent to 21.2 million pounds, while income from arranging stock offerings and takeovers rose 25 percent.
Panmure has been cutting costs as a dearth of initial public offerings and takeovers crimps revenue for London’s stockbroking industry. Administrative costs declined by 7.2 percent, even as the firm restored bonuses to some employees. It didn’t identify the employees or disclose the size of payments.
“2012 was a year of transition and turnaround,” Chief Executive Officer Phillip Wale said in the statement. “Since the year end, we have completed a number of significant corporate finance transactions, continued to win new mandates and added further to our growing client list.”
Pretax profit from continuing operations was 600,000 pounds, compared with a loss of 6.3 million pounds in 2011, Panmure said.
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