Outlook: AA super-charged
As shown by the positive trading statement, and with the financial benefits of the AA IPO, Cenkos has delivered excellent H114 results. The relative operational gearing (revenue up 226%, cost up 143%) is better than the historic cost income of the group, showing good leverage and confirming that Cenkos’s performance-related model not only limits downside risk, but gives investors upside gearing in favourable market conditions. The outlook comment is positive. The dividend was doubled and the possibility of other capital returns has been indicated.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. .
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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