(Alliance News) - Stockbroker Cenkos Securities PLC said Monday it is optimistic about the rest of 2019 despite forecasting a year-on-year fall in revenue during the first half.
In the six months to June 30, the company expects revenue to lag behind the GBP18.1 million generated in the first half of 2018.
Cenkos said trading improved slightly quarter-on-quarter after market volatility hurt investor sentiment in the first quarter of the year.
The company said it anticipates second half performance to be much stronger than in the first half.
Cenkos said: "We are currently working on several transactions and our potential pipeline gives us optimism for the rest of the year. The execution of our pipeline will likely be influenced by the evolving political and economic outlook and the consequent impact on our corporate and institutional clients."
In the same announcement, the company confirmed the appointment of Jim Durkin as chief executive following the receipt of regulatory approval. Durkin replaces former chief executive Anthony Hotson.
The company will release its interim results in late September.
Shares in Cenkos were down 16% at 39.00 pence each in London on Monday.
