Report

Cenkos Securities - Costs adjusted to protect profitability

2019 was a difficult year for UK equity capital markets activity, and Cenkos demonstrated the strength of its flexible business model and the client relationships sustained by its staff, achieving full year profitability despite one-off restructuring costs. Lower fixed costs will benefit future earnings and Cenkos reports a positive start to 2020 with a strong pipeline. Conservatively, we have reduced our revenue/earnings assumptions for this year, but improved market/investor confidence could generate significant upside.
Underlying
Cenkos Securities

Cenkos Securities is an independent, specialist institutional securities group, focused on small and mid-cap companies and investment funds. Co.'s principal activity is institutional stockbroking. Co. provides corporate finance, nomad and broking, research and execution services to small and mid-cap growth companies and investment funds across a range of sectors, investment funds and increasingly larger companies. Co. acts as a nominated advisor, sponsor, broker and financial advisor to a range of companies and investment funds, at all stages of their growth and across all sectors. .

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts
Pedro Fonseca

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