News blog
Cenkos Securities
- BY: Andrew Hore |
- POSTED: 26/03/2009 |
Aim adviser Cenkos Securities was hit by a sharp fall in placing fees in 2008.
Placing fees more than halved to £15.3m, while secondary commission income also fell sharply. Wealth management, the smallest business area, was the only one to grow revenues. Group turnover slumped from £53.8m to £28.3m and Cenkos slashed its costs.
Even so, profits dived from £23.8 to £5.12m. There is still cash of £6.34min the balance sheet. A final dividend of 5p a share is being paid.
Management believes that the problems of rivals will create opportunities for Cenkos.
Shares in Cenkos jumped 27p to 100p each, which values the broker at £54m.
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