The stock market shake-out in May caused several sizeable companies to postpone flotations, according to Panmure Gordon, the long-established stockbroker, which itself came to the AIM market last year by a reverse takeover of Durlacher - and a name change.

Despite that, Panmure raised more than £300 million in the first half through five initial public offerings of shares and five secondary issues, the broker reported yesterday.

Regardless of whether the postponed issues materialise, Panmure stands to receive hefty fees for its work as broker to McCarthy & Stone, facing a bid auction at nearly £1.1 billion.

Yesterday Panmure reported a £5 million half-time profit from revenues of £18.3 million. Last year's smaller numbers are not comparable because the merger establishing the company was not completed until the end of April, 2005.

"Despite recently challenging market conditions, the institutional equity business has performed creditably and profitably," said Tim Linacre, chief executive. "Our new issue and corporate finance pipeline is strong and we view the outlook for the second half, and beyond, with confidence."

He added "While markets and activity have not returned to the levels of earlier in the year, we have seen a recent improvement."

Panmure now acts for 91 corporate clients, the same as at the start of the year.

"Our list of clients has undergone change as we seek clients where we can add value and make an economic return," Mr Linacre commented. "We have been pleased with the progress in this regard."

Panmure has responded to the quiet stock market this summer by holding back. It said pre-bonus costs for the year will be at least £1 million short of previous guidance of £21 million.

The shares, back from a high of 239p, edged 1/2p higher against the trend yesterday to 147p. There is no interim dividend.

With £34 million cash, Panmure's directors have authorised a buy-back programme to acquire shares "when they are perceived under-valued".

These will be held in-house as treasury shares, available to be be distributed in future in a new staff incentive plan.