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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Panmure Gordon | LSE:PMR | London | Ordinary Share | GB00B97CW509 | ORD 4P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 99.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPMR
RNS Number : 8761K
Panmure Gordon & Co. plc
27 September 2016
27 September 2016
Panmure Gordon & Co. plc
Interim results
London, 27 September 2016 - Panmure Gordon & Co. plc ("Panmure Gordon" or "the Group"), a leading independent stockbroker and investment bank, today announces its results for the first half ended 30 June 2016.
Key points
-- Growth of 14.0% in total net commission and fee income to GBP14.9m (H1 2015: GBP13.1m) -- Profit before non-recurring items and tax GBP1.7m (H1 2015: profit of GBP0.2m) -- Pre-tax profit of GBP0.3m (H1 2015: loss of GBP0.2m) -- Post-tax profit of GBP0.2m (H1 2015: loss of GBP0.2m) -- Earnings per share of 1.08p (H1 2015: loss per share of 1.09p)
-- Strategic investment in PrimeXtend, a business focussed on the evolution of agency broker services Continued support and cooperation from Qinvest, including the granting of a GBP5m funding facility in February of which GBP3m has been drawn down
Patric Johnson, Chief Executive, commented:
I am pleased to report a positive start to the year particularly bearing in mind the significant volatility in the market leading up to the European Referendum. Business activity in July and August has continued to be encouraging including the first post-referendum technology AIM market IPO in August. However, continued market volatility following the result of the Referendum poses significant challenges for the medium term.
Despite the market volatility however, we executed 29 transactions including nine M&A deals and five IPOs which maintains our position within the top brokers in the AIM space. Together with the realignment of the business along sector lines, we have removed a significant level of annualised costs and we continue to drive efficiencies within our model. Critical to the positive momentum in our business are our relationships with our institutional clients and our ability to distribute quality transactions. We are pleased to report that Panmure Gordon sponsored IPO activity since January 2015 has returned a net gain of just over 30% for such clients.
We remain committed to the longer term strategic realignment of the business with additional investments to diversify our income and continuing to invest in quality people who remain at the heart of our business. We do however remain conservative in our outlook for the remainder of 2016."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
Panmure Gordon
Patric Johnson, Chief Executive
Philip Tansey, Chief Financial Officer 020 7886 2500
Buchanan (Financial PR)
Bobby Morse
Stephanie Watson 020 7466 5000
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett/Salmaan Khawaja/Jen Clarke 020 7383 5100
Chief Executive's Review
Significant changes made to Panmure Gordon's cost base and the reorganisation around sector teams are starting to bear fruit. The first half of the year witnessed some of the most significant political shocks of recent years during the run-up to, and then following, the June European Referendum vote. Market sentiment and volatility have been severely impacted, though the indications are that some level of stability is returning to the market. With this backdrop, I am therefore even more pleased to see a positive first half of the year. This positive start to the year is despite the significant charge for the restructuring in H1, including redundancy costs of GBP1.4m.
We have assisted clients raise over GBP600m across 29 transactions including four successful UK IPOs and one on AIM Italia. Corporate finance and related income rose by 34.4% to GBP10.1m (H1 2015: GBP7.5m) in what was a challenging, but busy, six months. Total net commission and fee income has increased by 14.0% in H1 2016 to GBP14.9m (H1 2015: GBP13.1m). Total commission and trading for H1 2016 for the core UK business also showed a net increase on a like-for-like basis, with a 5.3% increase in net commission and trading income at GBP5.1m (H1 2015: GBP4.8m) despite the trend in declining volumes across the main stock markets on a year-on-year basis continuing in 2016. Overall however, net commission and trading income has shown a net decrease of 9.1% to GBP5.2m (H1 2015: GBP5.7m) on account entirely of the closure of our Swiss office.
QInvest
Panmure Gordon continues to enjoy an excellent relationship with its major shareholder, Qinvest, and in March drew down GBP3m of the GBP5m financing facility that was made available to assist growth plans for the future whilst providing further liquidity for ongoing business.
PrimeXtend
In continuing our efforts to diversify our income whilst not altering the core DNA of our business and culture we were delighted to announce on 22 September that we exchanged contracts for an exciting strategic investment in a new company, PrimeXtend Limited. We will inject a maximum investment of GBP2m over a period of ten months, subject to the achievement of certain milestones, for an initial 49% shareholding. PrimeXtend will set up the necessary straight through processing infrastructure and, in close partnership with Panmure Gordon, develop new markets in agency broking of a variety of asset classes to a wide range of institutions that are currently suffering from a lack of liquidity and broker options in the market.
Switzerland
Panmure Gordon has operated in Switzerland since 2007 through a representative office in Nyon. Limited opportunities for growth coupled with the longer-term history of losses led to the decision to cease regulated activity in January and to close the office. The business was sold to a third party who committed to continuing the business with the same staff under their own regulatory licences and we wish them well for the future. The impact of the closure of the office on the results for H1 2016 is a cost of GBP0.2m.
Singapore
The Singapore office introduced a number of excellent clients that resulted in transactions executed in the London market. However, it was felt that a local presence with the attached costs would not be justified in the future and the decision was taken therefore to close the office and the local legal entity.
Outlook
We have recorded an encouraging start in the first six months of the year with the new sector based structure, designed to maximise the high standard of service to our clients, beginning to yield results. We have started to see the benefit from the operational efficiencies put in place and this will become more impactful as the year moves into the second half. We will continue to invest on a selective basis in both people and opportunities to further our client-centric business model, as well as seek other business prospects whilst remaining focussed on optimising the cost base within this evolving environment.
Markets are still digesting the full impact of the June European Referendum and as the eventual outcome becomes clearer so we should see further moves to a stabilising economy. We have begun the second half on a positive note with the first AIM market post-referendum technology IPO as well as a number of significant fund raises and advisory transactions already completed. Our pipeline of corporate transaction activity appears robust though, as ever, remains to be executed. We have a strong and supportive major shareholder in QInvest and a clear sector-focused team structure filled with excellent people that provide us with some reassurance when set against the continuing uncertainties of the second half. We remain conservative in our outlook for the remainder of the year.
Patric Johnson
Chief Executive
Condensed consolidated interim statement of profit or loss and other comprehensive income (unaudited)
For the half year to 30 June 2016
Hot Features
Premium
6 months 6 months 12 months
30 June 30 June 31 December
GBP'000 Notes 2016 2015 2015
Commission and trading income 5,697 6,321 11,687
Commission and trading expense (533) (641) (1,180)
Net commission and trading
income 5,164 5,680 10,507
Corporate finance and related
income 10,122 7,534 12,788
Loss on corporate investments (364) (127) (270)
Net commission and fee income 14,922 13,087 23,025
Administrative expenses(1) (12,814) (12,667) (26,493)
Redundancy, restructuring
and other non-recurring
charges(1) (1,387) (376) (1,730)
Operating profit/(loss)
before share-based payments 721 44 (5,198)
Share-based payments(1) (355) (264) (470)
Goodwill impairment(1) - - (13,201)
Operating profit/(loss) 366 (220) (18,869)
Financial income - - 1
Financial expense (83) (5) (17)
Net financial expense (83) (5) (16)
Profit/(loss) before tax 283 (225) (18,885)
Taxation 3 (115) 55 2,210
Profit/(loss) for the period 168 (170) (16,675)
Total comprehensive income/(loss) 168 (170) (16,675)
-------- -------- ------------
Basic profit/(loss) per
share 4 1.08p (1.09)p (107.3)p
Diluted profit/(loss) per
share 4 1.00p (1.09)p (107.3)p
(1) Administrative expenses which total GBP14.6m (6 months 30 June 2015: GBP13.3m, 12 months 31 December 2015: GBP41.9m) have been presented separately here owing to their individual nature and size
The following notes form part of these financial statements.
.
Condensed consolidated interim statement of financial position (unaudited)
At 30 June 2016
As at As at As at
GBP'000 30 June 30 June 31 December
Notes 2016 2015 2015
Assets
Goodwill and intangibles 1,769 13,201 2,012
Plant and equipment 1,565 1,922 1,913
Available for sale investments 100 100 100
Deferred tax asset 1,424 523 1,547
Other receivables 6 363 471 409
-------- -------- ------------
Total non-current assets 5,221 16,217 5,981
-------- -------- ------------
Securities held for
trading 8 7,728 8,600 5,804
Trade and other receivables 6 50,160 41,402 20,239
Cash and cash equivalents 4,643 4,254 4,985
-------- -------- ------------
Total current assets 62,531 54,256 31,028
Current liabilities
Trade payables 7 (42,491) (31,532) (14,115)
Tax and social security (512) (562) (601)
Corporation tax liabilities (49) (195) -
Other payables 7 (3,636) (2,465) (4,126)
Held for trading liabilities 8 (1,077) (1,922) (1,595)
-------- -------- ------------
Total current liabilities (47,765) (36,676) (20,437)
Net current assets 14,766 17,580 10,591
-------- -------- ------------
Financing facilities (3,000) - -
Deferred tax liability (304) (1,109) (338)
-------- -------- ------------
Total non-current liabilities (3,304) (1,109) (338)
Net assets 16,683 32,688 16,234
-------- -------- ------------
Equity
Issued share capital 5 622 622 622
Merger reserve 21,810 21,810 21,810
Other reserve (8,186) (7,960) (8,112)
Retained earnings 2,437 18,216 1,914
-------- -------- ------------
Total equity 16,683 32,688 16,234
-------- -------- ------------
The following notes form part of these financial statements.
Condensed consolidated interim statement of cash flows (unaudited)
GBP'000 6 months 6 months 12 months
30 June 30 June 31 December
2016 2015 2015
Cash flows from operating activities
Profit/(loss) after tax 168 (170) (16,675)
Net financial expense 83 5 16
Depreciation and amortisation 433 217 421
Intangibles impairment and
amortisation - - 13,404
Movement in securities held
for trading (2,442) (3,446) (976)
Decrease/(increase) in amounts
owed by market counterparties 171 (780) (449)
Increase in trade and other
receivables (1,250) (3,123) (119)
(Decrease)/increase in trade
payables and provisions (788) (311) 1,686
IFRS 2 share-based payments
and related charges 355 264 470
Income tax expense/(credit) 115 (55) (2,210)
-------- -------- -------------
Net cash flow from operating
activities (3,155) (7,399) (4,432)
-------- -------- -------------
Cash flows from investing activities
Financial income received - - 1
Acquisition of plant and equipment (57) (95) (288)
Acquisition of available for
sale investments - (100) (100)
Acquisition of intangible assets 28 - (1,877)
Net cash from investing activities (29) (195) (2,264)
-------- -------- ---------------
Cash flows from financing activities
Purchase of own shares for
EBT (78) (173) (326)
Financial expense (83) (5) (17)
Financing facility 3,000 - -
Repayment of EBT loan 3 3 4
Dividend paid - (363) (366)
-------- -------- ---------------
Net cash from financing activities 2,842 (538) (705)
-------- -------- ---------------
Net decrease in cash and cash
equivalents (342) (8,132) (7,401)
Cash and cash equivalents at
1 January 4,985 12,386 12,386
-------- -------- ---------------
Cash and cash equivalents at
30 June / 31 December 4,643 4,254 4,985
-------- -------- ---------------
Condensed consolidated interim statement of changes in equity for the half year to 30 June 2016
GBP'000 Issued Merger Other Retained Total
share reserve reserve earnings equity
capital
At 1 January
2016 622 21,810 (8,112) 1,914 16,234
Total comprehensive
income for
the period
Profit for
the period - - - 168 168
Other items
recorded directly
in equity
Dividend payment - - - - -
Share-based
payments - - - 355 355
Purchase of
own shares
for EBT - - (78) - (78)
Decrease in
shares held
by EBT - - 4 - 4
At 30 June
2016 622 21,810 (8,186) 2,437 16,683
Condensed consolidated interim statement of changes in equity for the half year to 30 June 2015
GBP'000 Issued Merger Other Retained Total
share reserve reserve earnings equity
capital
At 1 January
2015 622 21,810 (7,790) 18,485 33,127
Total comprehensive
income for
the period
(Loss) for
the period - - - (170) (170)
Other items
recorded directly
in equity
Dividend payment - - - (363) (363)
Share-based
payments - - - 264 264
Purchase of
own shares
for EBT - - (173) - (173)
Decrease in
shares held
by EBT - - 3 - 3
At 30 June
2015 622 21,810 (7,960) 18,216 32,688
Consolidated statement of changes in equity for the year ended 31 December 2015
GBP'000 Issued Merger Other Retained Total
share reserve reserve earnings equity
capital
At 1 January
2015 622 21,810 (7,790) 18,485 33,127
Total comprehensive
income
for the period
(Loss) for
the year - - - (16,675) (16,675)
Other items
recorded
directly in
equity
Dividend payment - - - (366) (366)
Share-based
payments - - - 470 470
Purchase of
own shares
for
EBT - - (326) - (326)
Decrease in
shares held
by
EBT - - 4 - 4
At 31 December
2015 622 21,810 (8,112) 1,914 16,234
1 Legal status and basis of preparation
1.1 Legal status
Panmure Gordon & Co. plc (the "Company") is a company domiciled in the United Kingdom. The address of the Company's registered office is One New Change, London, EC4M 9AF. The consolidated interim financial statements of the Company for the 6 months ended 30 June 2016 relate to the Company and its subsidiaries (together referred to as the "Group").
1.2 Basis of preparation and statement of compliance with International Financial Reporting Standards
The interim consolidated financial statements of the Group have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board ('IASB') and as endorsed by the EU. They do not include all of the information required for full annual financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 31 December 2015, which were prepared in accordance with International Financial Reporting Standards ('IFRSs') as issued by the IASB and as endorsed by the EU. EU-endorsed IFRSs may differ from IFRSs as issued by the IASB if, at any point in time, new or amended IFRSs have not been endorsed by the EU.
The accounting policies are consistent with those applied by the Group in its 2015 annual financial statements. During the period ended 30 June 2016, the Group adopted a number of amendments to standards and interpretations which did not have a significant effect on the consolidated financial statements of the Group.
The Directors note that the business was profitable during the period and loss making during the previous financial year and the Group had cash resources of GBP4.6m at 30 June 2016 (2015: GBP4.3m) and short term borrowings of GBP3m (2015: nil). The Directors believe that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these interim results.
1.3 Comparative information
These interim consolidated financial statements include comparative information as required by IAS 34 and the AIM Rules for Companies.
The comparative figures for the financial year ended 31 December 2015 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
1.4 Use of estimates and assumptions
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from those estimates. Judgements made by management in the application of adopted IFRSs that have a significant effect on the financial statements and estimates with a significant risk of material adjustment are discussed in note 1.1 within the Report and Financial Statements 2015. The areas highlighted in the year-end financial statements include:
i) Goodwill and investment in subsidiaries ii) Deferred tax iii) Provisions iv) Share-based payments v) Intangible assets 2 Segmental analysis
The Group reports its operating segments according to how the Group's Chief Operating Decision Maker (CODM) allocates resources to each segment and assesses performance. In this respect the Group's CODM has been defined as the Group's CEO.
The geographical division is made between the UK and Swiss operations only. In the segmental table below, the results of the Swiss office appear in the 'Other' column. It was decided to cease regulated activity in January and to close the office. The impact of the closure of the office on the results for H1 2016 is a cost of GBP0.2m
There are no major customers that regularly account for more than 10% of revenue.
Segmental analysis for the 6 months to 30 June 2016, the 6 months to 30 June 2015 and the 12 months to 31 December 2015, reconciled to the income statement
UK Other Total
6 months 6 months 12 6 6 12 6 months 6 months 12
30 30 months months months months 30 30 months
Jun Jun 31 30 30 31 Jun Jun 31
2016 2015 Dec Jun Jun Dec 2016 2015 Dec
2015 2016 2015 2015 2015
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net commission
and trading
income 5,096 4,840 9,280 68 840 1,227 5,164 5,680 10,507
Corporate
finance fee
income 9,859 6,852 11,896 10 19 37 9,869 6,871 11,933
Loss on
corporate
investments (364) (127) (270) - - - (364) (127) (270)
Wealth
management
and other
income 253 663 855 - - - 253 663 855
Net loss on
AFS investments - - - - - - - - -
Foreign
exchange
loss (3) (15) 73 - (2) (2) (3) (17) 71
On-going
administration
costs (12,533) (11,884) (25,252) (278) (766) (1,312) (12,811) (12,650) (26,564)
Goodwill
impairment - - (13,201) - - - - - (13,201)
Segmental
operating
profit/(loss) 2,308 329 (16,619) (200) 91 (50) 2,108 420 (16,669)
Redundancy
and
restructuring
charges (1,387) (376) (1,730) - - - (1,387) (376) (1,730)
Share-based
payment
charges (355) (264) (470) - - - (355) (264) (470)
Operating
profit/(loss) 566 (311) (18,819) (200) 91 (50) 366 (220) (18,869)
Net financial
expense (83) (5) (16) - - - (83) (5) (16)
Profit/(loss)
before tax 483 (316) (18,835) (200) 91 (50) 283 (225) (18,885)
Income tax (110) 72 2,234 (5) (17) (24) (115) 55 2,210
Profit/(loss)
for the period 373 (244) (16,601) (205) 74 (74) 168 (170) (16,675)
Net assets UK Other(1) Total
As As As As As As As As As
at at at at at at at at at
30 30 31 30 30 31 30 30 31
Jun Jun Dec Jun Jun Dec Jun Jun Dec
2016 2015 2015 2016 2015 2015 2016 2015 2015
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Non-current
assets (inc
goodwill) 5,221 16,217 5,981 - - - 5,221 16,217 5,981
Current
assets 62,531 54,256 31,028 - - - 62,531 54,256 31,028
Current
liabilities (47,765) (36,676) (20,437) - - - (47,765) (36,676) (20,437)
Non-current
liabilities (3,304) (1,109) (338) - - - (3,304) (1,109) (338)
Capital
expenditure (57) (95) (288) - - - (57) (95) (288)
(1) The Swiss business operated as a representative office of the UK business and therefore shared assets with the UK business
3 Taxation
The current tax charge for the period is different from the standard rate of corporation tax in the UK of 20.00% (2015: 20.25%).
Tax on profit on ordinary 6 months 6 months 12 months
activities: 30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
Analysis of tax charge in
period:
UK corporation tax at 20.25%
(2014: 21.50%)
Prior year adjustments - - 2
Current year tax charge - - -
Foreign tax adjustments (9) (20) -
-------- ------------- --------------
(9) (20) 2
-------- ------------- --------------
Deferred tax
Prior year adjustments
to deferred tax credit - 4 338
Current year deferred tax
credit/(charge) (106) 71 1,870
-------- ------------- --------------
(106) 75 2,208
Tax (charge)/credit on profits
on ordinary activities (115) 55 2,210
-------- ------------- --------------
Effective tax rate: 40.6% (24.4)% (11.7)%
Factors affecting tax (charge)/credit:
Profit/(loss) on ordinary
activities before tax 283 (225) (18,885)
-------- ------------- --------------
Profit/(loss) on ordinary
activities multiplied by
rate of UK corporation tax
at 20.00% (2015: 20.25%) (57) 45 3,824
Effects of:
Expenses not deductible
for tax purposes 10 (49) (24)
Impairment of consolidated
goodwill not deductible
for tax purposes - - (2,673)
purposes
Differences relating to
share schemes (71) 71 (105)
Foreign tax (5) (17) (22)
Change in corporation tax
rate 15 - (216)
Deemed goodwill amortisation - 53 -
Goodwill on consolidation - (53) -
Impairment of consolidated
goodwill write off on deferred
tax - - 1,058
liability
Charles Stanley Securities
intangible (6) - -
Adjustment to tax charge
in respect of previous periods (1) 5 368
Total tax (charge)/credit
on profits on ordinary activities (115) 55 2,210
-------- ------------- --------------
At 30 June 2016 the Group has recognised a deferred tax asset relating to UK losses carried forward.
4 Earnings per share
Earnings per share (EPS) are calculated on a net basis using the profit on ordinary activities after taxation divided by the weighted average number of shares detailed below.
Total Group
6 months 6 months 12 months
30 June 30 June 31 December
2016 2015 2015
----------- ----------- ------------
Weighted average number
of ordinary shares in issue 15,545,473 15,545,473 15,545,473
Fully diluted weighted average
number of ordinary shares
in issue 16,771,419 16,434,444 15,682,490
Basic profit /(loss) per
share 1.08p (1.09)p (107.3)p
Diluted profit /(loss) per
share 1.00p (1.09)p (107.3)p
----------- ----------- ------------
5 Share capital and reserves
The Company issued no new shares during the six months to 30 June 2016.
As at 30 June 2016, the number of shares in issue was 15,545,473 ordinary shares at a par value of 4p (30 June 2015: 15,545,473 ordinary shares at a par value of 4p). The fully diluted number of ordinary shares was 16,771,419 (30 June 2015: 16,434,444).
The 'other reserve' includes the nominal value of share capital owned by the Panmure Gordon & Co. plc No. 2 Employee Benefit Trust (the "Trust") in respect of the 2005 Employee Share Option Plan and the cost of shares purchased in the market. At 30 June 2016 the Trust held 1,093,836 ordinary shares (December 2015: 1,272,354 ordinary shares).
6 Trade and other receivables
As at As at As at
30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
Non-current assets
Other receivables 363 471 409
------------------------- ------- -------- --------------
Total 363 471 409
------------------------- -------- --------------
Current assets
Trade receivables 1,507 675 1,666
Stock borrow(1) 1,573 2,694 1,298
Market receivables 43,135 32,732 14,510
Other receivables 1,103 2,069 1,404
Prepayments and accrued
income 2,842 3,232 1,361
------------------------- ------- -------- --------------
Total 50,160 41,402 20,239
------------------------- ------- -------- --------------
(1) Stock borrow reflects collateral placed against the value of stock borrowed.
The level of market receivables at a period end is dependent on the level of agency and trading activity in the preceding days. Within non-current assets, other receivables represent loans made to employees under the Group's Matching Share Plan.
7 Trade and other payables
As at As at As at
30 June 30 June 31 December
2016 2015 2015
GBP'000 GBP'000 GBP'000
--------- --------- ------------
Market payables (41,782) (30,877) (12,987)
Trade payables (709) (655) (1,128)
-------------------------- --------- --------- ------------
Total trade payables (42,491) (31,532) (14,115)
-------------------------- --------- --------- ------------
Other payables (1,481) (659) (1,895)
Provisions, accruals and
deferred income (2,155) (1,806) (2,231)
-------------------------- --------- --------- ------------
Total other payables (3,636) (2,465) (4,126)
-------------------------- --------- --------- ------------
The level of market payables at a period end is dependent on the level of agency and trading activity in the preceding days.
Litigation
In the normal course of business there may be various litigation claims and contingencies pending against the Group which, in the opinion of management, will be resolved with no material impact on the Group's financial position or results of operations.
8 Financial Instruments
The group measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements. The different levels have been defined as follows:
-- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
-- Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
-- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The table below analyses financial instruments carried at fair value by valuation method.
Group At 30 June 2016 At 30 June 2015
Level Level Level Total Level Level Level Total
1 2 3 1 2 3
Available
for sale assets - - 100 100 - - 100 100
Assets held
for trading 4,532 3,196 - 7,728 6,190 2,323 87 8,600
Liabilities
held for trading (627) (450) - (1,077) (1,628) (294) - (1,922)
At 31 December 2015
Level Level Level Total
1 2 3
Available
for sale assets - - 100 100
Assets held
for trading 3,216 2,584 4 5,804
Liabilities
held for trading (1,240) (355) - (1,595)
There have been no transfers of assets between the levels noted above in the period under review.
9 Investment
On 22 September 2016 Panmure Gordon exchanged contracts to make an all-cash investment in a new company, PrimeXtend Limited, of up to a maximum of GBP2m over a period of ten months, subject to the satisfaction of certain performance milestones, for an initial 49% shareholding with the balance retained by Xtend Group Limited. PrimeXtend Limited will operate under Panmure Gordon's name.
10 General
The interim report was approved by the Board of Directors on 26 September 2016.
On account of the reducing level of complexity of the business and the increased simplicity of the associated accounting the Board considered it unnecessary to engage KPMG, auditors to the Group, to conduct a review of the financial statements in this half-yearly report for the six months ended 30 June 2016.
This report will be made available to the public, upon request, at the registered office of Panmure Gordon & Co. plc, One New Change, London EC4M 9AF or from the Company's website www.panmure.com.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR KQLFLQKFZBBL
(END) Dow Jones Newswires
September 27, 2016 02:01 ET (06:01 GMT)
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