Well, you can see what Bob Diamond saw in Panmure Gordon.
Shortly after accepting a takeover offer involving the former Barclays chief, the UK listed broker and investment bank has announced that it has returned to full-year profits.
Panmure made £1.466m in pre-tax profits in 2016, from a loss of nearly £19m in the previous year, it said.
Corporate finance and other fee income rose by over 40 per cent to £18m, while net commission and fee income rose 22 per cent to £28m.
CEO Patric Johnson said:
We have returned four successive quarters of profitability, made a significant strategic investment, re-established our US broker dealer and concentrated on ensuring we match our service expectations with our clients’ requirements.
The 2017 macro landscape continues to be challenging. That said, the year has started positively for the firm. The first quarter has seen us execute nine transactions including advising on two M&A mandates. Commission and trading income continues to perform in line with our expectations and the pipeline, as discussed in January, is progressing well. As such we remain confident for the year ahead.
We are excited about the recent offer for the issued share capital of the firm, and the prospect of Atlas Merchant Capital joining our existing long-term supportive shareholder QInvest as part of Ellsworthy Limited.