10th Mar 2023 09:12
(Alliance News) - Cenkos Securities PLC on Friday reported an annual swing to loss and a double-digit fall in revenue, as it cut its dividend by 65%.
The London-based stockbroker said revenue for 2022 was GBP20.3 million, down 46% from GBP37.2 million in 2021.
It swung to a pretax loss of GBP2.7 million from a profit of GBP4.0 million, as operating loss was GBP2.6 million compared to a profit of GBP4.1 million a year earlier.
Loss per share was 4.9 pence. compared to an earnings per share of 7.1p in 2021.
Cenkos noted 2022 being a "poor year for UK equities".
Chief Executive Officer Julian Morse said': "Despite the AIM market experiencing its lowest levels of activity for almost two decades, a continued attention to cost control, paired with a resolute focus on our strengths, has allowed us to find opportunity despite the volatility."
Looking ahead, Cenkos said the tough conditions of 2022 have eased slightly in the early part of 2023 but capital markets remain subdued relative to 2021. However, it believes it will continue to "generate opportunities and attract new clients."
Cenkos declared a full-year dividend of 1.5 pence per share, down 65% from 4.25p a year prior.
By Xindi Wei, Alliance News reporter
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