April 4, 2017 / 6:30 AM / 4 months ago

Takeover target Panmure confident on the year ahead

2 Min Read

(Reuters) - Panmure Gordon PMR.L, the British stockbroker that has agreed to a 15.5 million pounds Qatari-backed takeover by former Barclays' (BARC.L) head Bob Diamond, said 2017 had started positively for it with first-quarter trading in line with expectations.

Panmure swung to a profit of 1.1 million pounds for the year ended Dec. 31, in line with a January forecast that it would return to profitability.

It reported a loss of 16.7 million pounds a year earlier.

Last month, Diamond, who left Barclays in 2012 during the Libor interest rate-rigging scandal, made an offer for Panmure through his private equity firm Atlas Merchant Capital, alongside QInvest.

"We are excited about the recent offer..., and the prospect of Atlas Merchant Capital joining our existing long-term supportive shareholder QInvest," Panmure Chief Executive Patric Johnson said in a statement on Tuesday.

The company said it remained confident for the year ahead. It said it had executed 9 transactions over the first quarter and that its pipeline for commission and trading income was progressing well.

($1 = 0.8039 pounds)

Reporting by Esha Vaish in Bengaluru; editing by Jason Neely

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