Panmure Gordon chairman Ed Warner hailed a positive start to the year for the remodelled broker at his final annual general meeting, against a backdrop of tough times in the market that has seen several firms restructure their businesses.

Panmure Gordon's AGM was held on the morning of May 18. In a speech published ahead of the meeting, Warner described 2015 as a "challenging year in financial markets", adding that it had given the firm's board "no pleasure" to post a £4.1 million loss.