The broker and boutique investment bank Panmure Gordon succeeded in paring back its losses in the first half despite low trading volumes that are forcing rival financial institutions to cut jobs to survive.

The company announced a first half loss of £4m in the first six months of the year, an improvement on its £6m in losses in the same period last year. The reduced losses came after its revenues rose 22% to £20.9m from £17.1m in 2010.