Cenkos Securities (AIM: CNKS)

Currency in GBP

Last close As at 24/03/2023


−1.00 (−2.50%)

Market capitalisation


Cenkos is a leading UK securities business, which acts as nominated advisor, sponsor, broker and financial adviser to companies, focusing on UK small- and mid-cap companies and investment funds. Since inception in 2005 it has raised more than £22bn in equity capital for corporate clients, which stood at 107 at end December 2022.

Looking ahead, Cenkos describes conditions as remaining challenging and uncertain. However, markets have made a positive start to the year and Cenkos itself has made a solid start to its first half with January revenue ahead of the run rate in H222. The company has completed four placings and one M&A transaction (an area where it is developing its capabilities). It also reports a growing pipeline of future transactions, which should bode well if conditions stabilise and improve.




Equity Analyst

Andrew Mitchell

Andrew Mitchell

Director, Financials

Key Management

  • Ben Procter


  • Julian Morse


  • Lisa Gordon


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (25.0) (11.4) (41.4)
Relative (20.6) (11.7) (40.8)
52 week high/low 80.5p/39.0p


The much-reduced level of capital markets activity in 2022 meant sharply lower profitability for Cenkos, although control over fixed costs and reduced variable compensation provided some mitigation. The group continued to focus on client service, gained share in AIM fund-raising (to 15%), has made net additions to its client base and, supported by a strong balance sheet, has made selective staff hires to strengthen its capabilities.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 37.2 4.8 4.0 6.0 6.4 3.2
2022A 20.3 (2.0) (2.7) (4.9) N/A N/A
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A



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