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Turnover down 45% Cash down 33% Loss for six months of £0.2m Interim dividend held at 2p. However "...the second half has started well with a number of transactions completed including an IPO. This means Cenkos has completed two of only seven IPO's whose shares were admitted to trading on the AIM market in the period to August 2019, which demonstrates that Cenkos remains the leading AIM broker, raising money even in very difficult market conditions. Pipeline for the remainder of the year and for 2020 is encouraging. We continue to evolve our business to adapt to market changes and remain at the forefront in providing capital and solutions for growth companies."
The actions include getting rid of two directors. The new/reinstated CEO is taking control here.
it would be an obvious cue if Jim Durkin had a good pedigree or track record. He has neither. Cenkos has struggled for strategic direction for years in an increasingly challenging market. The limit of the Board's vision has been to open Liverpool and Singapore offices in recent years and to buy back share to further reward employees. A joke. The most promising characteristic of the returning CEO is that he has a decent equity stake which he may try to monetise at a reasonable level before retiring again. Time to throw the towel in.
The return of Jim Durkin as CEO is good for Cenkos also the fact that Will Rogers head of the investment trust team staying is positive .At the moment of this message i am not a holder of Cenkos shares
I also meant to say that here seems to be a reaction to the new CEO, with a chunk of the investment team leaving. That is not good, but the same happened at Miton a couple of years back, and there was no discernible impact in the longer term.
The EBT purchases are undertaken to provide stock for staff bonuses, so no chance they will stop. Much of the cash in the bank belongs to clients, so the company is not in as healthy a condition as it at first appears. BUT this should still pull through. Next update is "late September"!
Make that 20%. I wasn't aware that H1 last year went that well. These will be pretty bleak results. Albeit this firm has cash in bank.
Last results showed 33m cash in bank. Market cap of 21m. Unless they are predicting losses of millions this makes no sense. They really need to stop doing these EBT. Throwing good money away on a collapsing share price.
"the Company's revenues in the first six months have been lower than the first half of last year. The Company's revenues are anticipated to be substantially second half weighted.....The Board also confirm that a number individuals within the Company's Investment Companies Team have tendered their resignations. " Price currently down 10%.
Weakness is in part due to an FT article that says Neil Woodford, put a great deal of business the way of Cenkos, and this relationship is now necessarily at an end. The last statement remained optimistic, but deals have not been materialising.
It is interesting though that today there were four huge sells, totalling 1.9m shares, but the price did not noticeably fall.
Trouble is, aside from the small floatation announced today it is not obvious they have done any placings/capital raise this calendar year. So any strong results y/e 31st Dec will be tempered by an outlook statement that will suggest they will be significantly behind this current year. It is possible there will be a huge upsurge in fundraising if Brexit gets sorted one way or the other - but how likely is that?!
I'm out. Held these for about 5 years and will take a hit but I can see no real cause for optimism, in either macro or micro terms, in fact my faith in management is dented. Best hope is that they get bought out, but what are they worth in the current climate ?
Cenkos has generated an extraordinary amount of cash in the last decade and done nothing to improve the quality of earnings or the attractiveness of the business during that time. Paying dividends and undertaking share buy-backs have been the limit of their strategic nous. This is depressing for a team which spends it's days advising management teams. Richard Bernstein is right to question the point. I think that it's time to call it a day and sell to a team with some vision. A financial buyer could remove a significant amount of back office, Board and compliance related costs. A 50%+ premium to today's price must surely be feasible.
Hi Thanks for that. The y/e is 31/12, and I see CNKS involved with the �450m take-over of Lagan Group by BREE last month, which involved �220m placement of BREE shares. Just thought this kind of recent involvement would have lifted the SP. GLA
capital raising for clients and IPOs lower for the first half of this year against corresponding period last year, so far at least. Small �43m IPO announced today, but not seen the bid deals, such as the ESL float of last year, or the large capital raise for Hurricane Energy in the second half of last year. Hopefully dividend will be at least the same as last year so very good yield while we wait for this to re-rate. I recently sold out of NUM after making well in excess of 100% from my purchase price of �1.78. Felt that had got ahead of itself, (although still a great company), and so happy to hold CNKS which is on a higher yield and has not really seen much SP appreciation over the same period. Still wonder if we will see further consolidation in this sector after Panmure was bought out a year or so ago. Could CNKS be a target, or a buyer?