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Cenkos Securities profits slump as revenues disappoint

By BFN News | 09:17 AM | Tuesday 18 September, 2018

City Broker Cenkos Securities said Tuesday first-half profits slumped as a drop in income from fees weighed on revenues. For the six months ended 30 June 2018, pre-tax profit fell to £0.5m from £4.6m and revenue fell to £18.1m from £29.2m. The company blamed the revenue shortfall on lower commission and corporate finance fees from primary and secondary fund raisings and a tough comparative from the first half of last year, which included revenues of £10.6m from a single client transaction. 'The 2017 first half results benefited from revenues of £10.6m from a single client transaction whilst in 2018 the highest value transaction was £2.4m,' the company said. Corporate finance fees decreased by 44% to £11.9m for the half year, from £21.2m a year earlier as a number of transactions which were expected to be completed in the first half slipped in to the second half, the company said. The company also said its two-year transition program of refreshing its brand values; focusing on strengthening our core competencies; and undertaking opportunistic acquisitions to complement its core business was 'well under way'. Cenkos said it had made a 'good start' to the second half of the year and expected to make more acquisitions later in the year. At 9:17am: (LON:CNKS) Cenkos Securities PLC share price was -6.5p at 92p Story provided by

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