(Alliance News) - Cenkos Securities PLC said Tuesday it expects to report continued profitability for 2019, based on a strong performance in the second half despite challenging market conditions.
The London-based broker said it has taken steps during the year to reduce its cost base, leading to the incursion of GBP1.4 million in restructuring costs.
Despite this, Cenkos said there was an improvement in revenue for the second half of 2019, as the company completed a number of significant fund raising transactions.
While it is still early in 2020, Cenkos said momentum from the fourth quarter of 2019 has continued into the new year and the company is encouraged with the strength of its pipeline.
"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," said Chief Executive Officer Jim Durkin.
Cenkos Securities will publish its 2019 results in late March.
Shares in Cenkos Securities were up 2.1% at 62.25 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
