AGM Statement

RNS Number : 9951Q

Cenkos Securities PLC

25 June 2020

 

 25 June 2020

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Cenkos Securities plc

("Cenkos" or the "Company")

AGM Statement

Cenkos will be holding its Annual General Meeting later today. In line with the Government's current restrictions on social gatherings this meeting will be a closed meeting and as such, and as previously advised, shareholders will not be admitted to the meetin g. The results of voting will be announced following the conclusion of the meeting.

The Board provides the following update prior to holding its Annual General Meeting.

Despite the Covid-19 pandemic making for a challenging market environment the Company has operated normally throughout the period   and continues to win new clients and to raise funds for its clients. Consequently, the Company's revenues in the first five months of this year are ahead of the same period for last year.

In the latter part of 2019 following the unfavourable market backdrop (before Covid-19), the Board implemented steps to reduce the Company's cost base.  As a result, Cenkos' annual fixed cost base today is significantly lower than in 2019, although most of these savings will come through in the second half of 2020.

The Company has a strong balance sheet and financial resources well in excess of its regulatory requirements.

Although material uncertainty remains on the effect that the lifting of Covid-19 restrictions will have on the economy, we are currently working on several transactions for our clients, and with our potential pipeline, together with a lower cost base in place we are well placed to meet the challenges ahead and are cautiously optimistic for the rest of the year.

As previously announced immediately following the conclusion of the Annual General Meeting Lisa Gordon will take up her position as an Independent Non-Executive Director and to the position of Chairman of the Company.

For further information, please contact: 

Cenkos Securities plc     Jim Durkin, Chief Executive Officer	Tel: [phone]
SPARK Advisory Partners Limited Matt Davis, Nominated Adviser	Tel: [phone]
Buchanan Communications David Rydell, PR Adviser	Tel: [phone]

 

END

 

 

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