Cenkos is a leading UK securities business, which acts as nominated advisor, sponsor, broker and financial adviser to companies, focusing on entrepreneurial growth companies and investment trusts. Since inception in 2005 it has raised more than £21bn in equity capital for corporate clients, which stood at 101 at end December 2021.
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Cenkos’ full year figures for 2021, reported in March, showed revenue up 18% to £37.2m with the second half slightly ahead of the first half at £19.0m versus £18.2m. During the year the firm carried out two IPOs and 34 transactions in total (29 in FY20) raising over £1.2bn for clients (£0.9bn). Underlying operating profit increased from £4.0m to £5.9m while reported pre-tax profit was £4.0m compared with £2.3m. Diluted EPS increased from 3.3p to 6.0p. A full year dividend of 3.0p is proposed giving a full year figure of 4.25p (+21%) reflecting the board’s confidence in the business’s ability to weather potential market volatility and the strength of the balance sheet (year-end net cash £33.5m).
Y/E Dec |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 31.7 | 3.1 | 2.3 | 3.3 | 18.8 | 5.6 |
| 2021A | 37.2 | 4.8 | 4.0 | 6.0 | 10.3 | 5.1 |
| 2022E | N/A | N/A | N/A | N/A | N/A | N/A |
| 2023E | N/A | N/A | N/A | N/A | N/A | N/A |
Industry outlook
The outlook is clouded by the war in Ukraine and macroeconomic concerns but Cenkos reported a good start to 2022 with two IPOs and an introduction, four placings and two M&A transactions carried out in the first 10 weeks. In its AGM statement in May the company noted the continued impact of uncertainty on investor confidence and capital markets activity but indicated it is working on a number of transactions for clients, has an encouraging pipeline and retains a strong balance sheet and resilient business model.
Last updated on 30/06/2022Content on Cenkos Securities
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Financials
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| Forecast net debt (£m) | N/A |
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Key management |
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| Lisa Gordon | Chairman |
| Jim Durkin | CEO |
| Calvin Gregory-Lilley | FD |