Stockbroker and investment bank Panmure Gordon posted a loss in 2010, though things improved in the second half and the company says it enters 2011 with a promising pipeline.

Panmure posted an adjusted pre-tax loss of £4.26m for the year, bigger than the £3.08m deficit the previous year, on net revenues that were down to £40.46m from £50.86m.

The firm said it struggled with continuing difficult markets in the first half, with a particularly poor performance in the US. The second half saw a big improvement, with US investment banking revenue seeing a big jump.

Panmure added 19 new corporate clients during 2010, in sectors including mining, consumer and healthcare.

"After a very difficult first half of the year, it is encouraging to see a marked improvement in the second half of the year," said chairman Ed Warner.

"We enter 2011 with a promising pipeline of business, particularly in the US where transactions are being executed despite the continuing challenging markets."

Panmure did mention the uncertainty in the Middle East and Japan, but said there are positive signs of continuing improvement in business despite this.

Panmure was pursued by investment bank Evolution last year, but the talks came to nothing after Panmure's board rejected an initial proposal.

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