The chief executive of Panmure Gordon, the UK stockbroker and potential takeover target for larger rival Evolution, has warned that the tough market for equity trading would likely continue into the second half of the year, in a sign that job cuts and consolidation in the broking sector could be on the way.

Panmure Gordon his morning announced a statutory loss of £6m for the first half of the year, compared to a loss of £3.65m for the same period a year earlier.