Panmure Gordon gears up to fight off a takeover

Despite chief executive Tim Linacre's declaration that "there is nothing to defend", broker Panmure Gordon's half-time results today read very much like the firm's first draft of a defence against any unwanted takeover bid.

Not only that but Panmure strengthened its attack force by appointing Ed Warner as its new chairman.

He is not only former head of research at two massive City firms and former chief executive of Old Mutual Securities, but also the man heading Britain's race for gold at the 2012 Olympics as chairman of UK Athletics.

Rival Evolution last week said it was looking at a cash bid for the smaller Panmure but would make no approach until today's figures came out.

Analysts pointed out that with Qatari investment bank Qinvest holding a 47% stake and Panmure staff 15%, any deal would have to be agreed.

Linacre admitted the first half had been tough particularly in the United States.

Revenues fell from £28.4 million to £17.1 million and the broker swung from profits of £545,000 to losses £3.2 million.

But he said that the UK market for corporate broking was improving.

"We have won 13 new corporate clients in the last 10 months and the investment banking pipeline is more encouraging," Linacre said.