Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Panmure Gordon buoyed by US market
Long established investment banking firm Panmure Gordon is enjoying a recovery in its markets with particular strength in its US operations. After a weak start to 2010 the appetite to complete deals has returned, so much so that in the US it achieved revenues five times higher for the year than it did in the first half.
Panmure employs 220 people with half in the US, notably in San Francisco, New York and Boston. Though many of its peers have undertaken a redundancy programme Panmure has instead chosen to take out costs in more discretionary areas such as IT, travel and marketing.
The UK lags the progress in the US but Panmure has completed a number of client transactions such as fundraisings, restructurings and M&A work. An impressive 22 clients have been won to take its total roster to 72, a great source of retainer income to mitigate against ongoing low secondary trading volumes on both sides of the Atlantic. Chief executive Tim Linacre says 'life for all broking firms was difficult in 2010 but we look forward to the current year with optimism'.
Late last year Panmure spurned a bid approach by rival Evolution but is not averse to completing its own acquisitions if the cultural fit is right but the likelihood is it will attempt to lure new clients instead. At the last count the AIM quoted broker had £25.7m of cash, a position that helped enable it to co-underwrite alongside Cazenove a large placing for plastics group RPC in December.
Panmure was founded in 1876 so has a great pedigree but as Mr Linacre argues there is unlikely to be space for the raft of brokers that are active in the London market. After a slight rise in the share price to 32.5p today Panmure is valued at £47m. With a good pipeline of new business for the current years Panmure has further to go.
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