Cenkos notes encouraging pipeline as FY profit, revenue and dividend fall
Shares in specialist securities firm Cenkos fell less than 2% after it reported falls in full-year pre-tax profit, revenue and dividend, but noted an encouraging pipeline.
Cenkos Securities
29.00p
16:50 06/09/23
Financial Services
13,869.40
16:44 29/04/24
FTSE AIM All-Share
763.33
16:59 29/04/24
"Our successful strategy of being a leading UK institutional broker to growth companies and investment funds has led to us being profitable in every single year of operation and this continued into 2016," said chief executive Jim Durkin.
AIM-listed Cenkos saw its 12-month pre-tax profit slide 78% lower to £4.4m, from £19.9m, with revenue falling 43% to £43.7m in reported terms, from £76.5m. Its full-year dividend fell 57% to 6p a share, against 14.0p a year prior.
Durkin said, excluding the revenues associated with a large fundraising completed in 2015, Cenkos' 2016's revenues fell 12% to £43.7m on the back of lower equity fundraisings for its corporate clients in the first half of 2016.
"There continues to be good institutional demand to fund high quality companies and ideas. ... Since the start of this year we have been engaged in a number of fund raisings for clients and our current pipeline is encouraging."
At 11:12 GMT, shares in Cenkos were down 1.6% to 92.5p each.