Cenkos Security turns profitable despite 'challenging' market conditions

Stockbroker Cenkos Security ended 2019 in the green despite "challenging market conditions" that persisted throughout 2019.

Despite non-recurring restructuring costs of approximately £1.4m, the company said it managed to turn a profit in the second half of the year and now expected the same for the full-year. It added that the revenues had improved in the latter part of 2019.

Whilst still early in the year, Cenkos added that it was "encouraged" with the strength of its pipeline and reported that momentum in the fourth quarter of 2019 had continued 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," added Cenkos.

In a separate announcement, Cenkos revealed it had appointed Lisa Gordon to the position of chairman.

Gordon will join Cenkos from AIM-listed foreign exchange specialist Alpha FX Group. She is also the non-executive chair of Albert Technologies, an artificial intelligence technology business.

As of 0930 GMT, Cenkos shares were up 2.05% at 62.25p.