REG - Cenkos Securities - AGM Statement

Cenkos SecuritiesAnnouncement

25/06/2020 07:02

RNS Number : 9951Q
  
Cenkos Securities PLC
  
25 June 2020
  
 

 25 June 2020
 
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
 
Cenkos Securities plc
("Cenkos" or the "Company")
 
AGM Statement
 
Cenkos will be holding its Annual General Meeting later today. In line with the Government's current restrictions on social gatherings this meeting will be a closed meeting and as such, and as previously advised, shareholders will not be admitted to the meeting. The results of voting will be announced following the conclusion of the meeting.
 
The Board provides the following update prior to holding its Annual General Meeting.
 
Despite the Covid-19 pandemic making for a challenging market environment the Company has operated normally throughout the period and continues to win new clients and to raise funds for its clients. Consequently, the Company's revenues in the first five months of this year are ahead of the same period for last year.
 
In the latter part of 2019 following the unfavourable market backdrop (before Covid-19), the Board implemented steps to reduce the Company's cost base.  As a result, Cenkos' annual fixed cost base today is significantly lower than in 2019, although most of these savings will come through in the second half of 2020.
 
The Company has a strong balance sheet and financial resources well in excess of its regulatory requirements.
 
Although material uncertainty remains on the effect that the lifting of Covid-19 restrictions will have on the economy, we are currently working on several transactions for our clients, and with our potential pipeline, together with a lower cost base in place we are well placed to meet the challenges ahead and are cautiously optimistic for the rest of the year.
 
As previously announced immediately following the conclusion of the Annual General Meeting Lisa Gordon will take up her position as an Independent Non-Executive Director and to the position of Chairman of the Company.
 
For further information, please contact: 
 



Cenkos Securities plc         
Jim Durkin, Chief Executive Officer
 


Tel: 0207 397 8900




SPARK Advisory Partners Limited
Matt Davis, Nominated Adviser
 


Tel: 0203 368 3552




Buchanan Communications
David Rydell, PR Adviser


Tel: 0207 466 5066
 



 


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