Recent severe market turmoil has caused the deferral of a number of Panmure Gordon's sizeable investment banking transactions in both the UK and US from the fourth quarter of 2011 into 2012.
As a consequence of this the Group will now report a loss for the second half of the year.
The Board will review the appropriate carrying value of intangible assets held on the balance sheet and also its holding in Loudwater Trust at the year end.
While market conditions are difficult, the Board continues to address costs. With the full support of its major shareholder, QInvest, and following the gain of 17 new clients this year, it sees a number of opportunities to add further clients, to grow market share in commission income, and to build further the investment banking franchise.
At 12:56pm: (LON:PMR) share price was -3p at 10.5p
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