Upbeat Panmure 'has made a profit every month this year'

Panmure Gordon offered a glimmer of hope to the City yesterday as the stockbroker told shareholders at its annual meeting that it has been profitable every month this year.

Its chairman Ed Warner said: "It is encouraging to report an increase in both institutional equity commission and investment banking revenue which, when combined with the cost reductions at the end of 2011, has led to profitability for the UK business in each month of the year so far."

He said while institutional broking is down across the entire London market, Panmure was "a bit ahead".

The firm completed the sale of US business ThinkEquity, yesterday, retaining a 22.5 per cent stake.