Panmure Gordon slipped to a £7.2m loss for the year ahead of its merger with rival Liberum, showing the struggles of the broking sector that has consolidated over the past 12 months.

The investment bank, led by former Barclays investment bank boss Rich Ricci, unveiled the loss for 2023 in newly filed accounts, despite an uptick in dealmaking fees for the period. In 2022, it posted a loss of £16.3m.