26th Mar 2014 13:42
LONDON (Alliance News) - Cenkos Securities PLC Wednesday said its annual pretax profit increased by 53%, boosted by recovering equity markets, and raised its full-year dividend to 12 pence from 7.5 pence.
The institutional broker to growth companies said it made a GBP10.7 million pretax profit in 2013, compared with GBP7.0 million in 2012, as revenue increased by 19% to GBP51.4 million and administrative expenses rose by 11% to GBP40.9 million.
Cenkos said the revenue increase was driven by higher levels of corporate activity amongst its clients, particularly equity fundraisings.
"We have made a very encouraging start to the new year with 2014 revenues to date being materially ahead of the same period in 2013 and the current pipeline is strong," Jim Durkin, Chief Executive, said in a statement.
Cenkos shares were Wednesday quoted at 180.00 pence, up 9.4%.
By Samuel Agini; [email protected]; @samuelagini
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