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Cenkos Securities (CNKS)

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Tuesday 18 February, 2020

Cenkos Securities

Trading Update

RNS Number : 2713D
Cenkos Securities PLC
18 February 2020
 

18 February 2020

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

Cenkos Securities plc

("Cenkos" or the "Company")

Trading Update

 

 

Cenkos is today issuing an update on trading for the financial year ended 31 December 2019.

 

The challenging market conditions that persisted throughout 2019 have been widely reported and, as described in the Company's interim results released on 18 September 2019, Cenkos was not immune from this. 

 

In 2019 the Board responded to the unfavourable market backdrop and implemented steps to reduce its cost base, incurring approximately £1.4 million of restructuring costs, such that Cenkos' annual fixed cost base today is anticipated to be more than £3.0 million lower than in 2019.

 

The Company is pleased to announce that, subject to audit, after taking account of the non-recurring restructuring costs of approximately £1.4m that took place in 2019, the Company has been profitable for the second half of 2019 and expects to be profitable for the year ended 31 December 2019.

 

Notwithstanding concerns around Brexit and the General Election, the latter part of the 2019 saw an improvement in revenues, with Cenkos completing a number of significant fund raising transactions. Whilst still early in the year, the Company is encouraged with the strength of its pipeline and is pleased to report that the momentum that took place in the fourth quarter in 2019 is continuing into the new year. The confidence in our pipeline is reflected in the Board's expectation of announcing a final dividend when it releases its results for the year ended 31 December 2019, in late March 2020.

 

Jim Durkin, Chief Executive Officer, said

 

"With levels of new issues and IPOs for Growth Companies being at an unprecedented low in 2019, it is testament to the quality of our staff and the strength of our model that we were able to maintain our record of having been profitable every year since incorporation. Market conditions may still be impacted by factors outside our control but we have started 2020 well and we look forward to the year ahead."

 

For further information, please contact: 

 

Cenkos Securities plc         

Jim Durkin, Chief Executive Officer

 

Tel: 0207 397 8900

SPARK Advisory Partners Limited

Matt Davis, Nominated Adviser

Tel: 0203 368 3552

 

 

 

Buchanan Communications

David Rydell, PR Adviser

 

 

Tel: 0207 466 5066

 

 


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