Panmure Gordon, the UK stockbroker, more than doubled revenues in the first half of this year despite the "challenging conditions" facing its corporate finance and institutional equities businesses.

Revenues at the UK broker increased 158% to £18.3m (€26.9m) following Panmure Gordon's acquisition of UK investment banking boutique Durlacher in April last year. The stockbroker made pre-tax profits of £5m, up from £400,000 last year.