RNS Number : 8133D
  Cenkos Securities PLC
  19 September 2008
   

    Cenkos Securities plc

    Unaudited Interim Results for the six months ended 30 June 2008

    Highlights

    Financial Highlights

    * Revenue is �18.9m from �28.4m in the prior period.


    *     Profit before tax for the period is �5.5m from �11.6m. 


    *     Basic EPS is 5.4 pence per share from 11.2 pence per share.  


    *     Diluted EPS is 5.4 pence per share from 11.1p per share. 
 
    *     The Board has declared an interim dividend of 5p per share. The level of dividend payout reflects the Company's dividend policy of
only retaining further profits when the Board considers that attractive investment opportunities have been identified, which should be
financed by the Group's internal resources.

    This year's interim dividend of 5p per share (2007: 10p per share) cannot be compared on a like for like basis with last year's interim
dividend as that reflected the fact that no final dividend was paid for the period ended    31 December 2006.


    Business highlights

    * Continued success in attracting new institutional and corporate clients in an increasingly competitive market.
    * Continued expansion by organic growth of our existing teams, particularly in our 50% owned wealth management operations based in the
Channel Islands.
    * Voted AIM broker of the year at the 2008 Growth Company Awards.

    Andrew Stewart - Chief Executive Officer commented:

    "Present market conditions are very challenging and have inevitably affected the markets in which we trade. Against this background I am
pleased with these set of results as they show that our business model is robust and demonstrates the quality of the teams that have joined
us over the last few years. 

     I believe that these difficult conditions will continue for some time as the effects of recent events unfold. However, I have
confidence that we will continue to trade profitably and indeed capitalise on opportunities that may occur in the coming months".

    Andrew Stewart - Chief Executive Officer        020 7397 8900

    Further information on the Group and its activities is available on the Group's website www.cenkos.com  Chairman's Statement

    I am pleased to announce a relatively robust set of interim results when compared to our peer group for the first half of 2008. Although
revenue has decreased from �28.4m to �18.9m, I believe this represents a considerable achievement given that we, along with many
commentators, consider that the market conditions faced during the period were very difficult. The strength of these results, I believe,
reflects the fact that we have very high quality teams within the business and that the basic business model of Cenkos works in the good
times and the bad times. According to statistics released by London Stock Exchange we ranked third in terms of money raised on AIM by
brokers or NOMADS and ranked second in terms of the number of companies brought to the AIM market in the six month period to 30 June 2008.
Given the amount of time Cenkos has been trading this, in my view, is a considerable achievement.  During the period our teams completed 12
transactions raising some �596m (2007: �1.2 bn) of funds for our clients. These fundraisings covered a number of different industry sectors including natural resources, financial and distribution services.

    At 30 June 2008 we had a corporate client base of 81 quoted companies (2007: 65) with a combined market capitalisation of approximately
�10 billion, a small increase on last year (2007 �9.2 bn); this represents a net increase of 16 clients during the period. It is very much
the Group's intention to continue to enlarge this client list without compromising the quality of our client base. We are continually
looking to recruit further teams who have a proven track record and who will respond positively to the Cenkos environment.  

    During the period we announced that we had commenced talks with the Board of Arden Partners plc ("Arden") with the intention of entering
into a scheme of arrangement to acquire the whole share capital of Arden. After conducting considerable due diligence we were unwilling to
progress this transaction. We incurred minimal professional costs.

    The markets in which we operate continue to show signs of deterioration and a significant number of people believe that the UK economy
may enter a period of recession. These conditions make it more challenging for companies like ours to trade in. However, the Board believes
that we are well placed to weather the storms ahead. We have a low fixed cost base and high quality teams that have the ability to complete
transactions even in these difficult markets.

    The Group continues to maintain healthy regulatory capital ratios and as a result the Board are declaring an interim dividend of 5p per
share (2007: 10p per share). This is consistent with our dividend policy.  The dividend will be payable on 5 November 2008 to all
shareholders on the register at 10 October 2008. During the period we have taken steps to strengthen our Board and I am very pleased to
welcome Jeff Hewitt and Peter Sullivan.

    John Hodson
    Chairman
    19 September 2008



    Financial Review

    The conditions in the financial markets in which we operate have continued to be challenging throughout the period. Cenkos, however, now
has a well balanced business and during the period has shown itself to be resilient in the present financial turmoil.  Revenue for the
period is down by 33% from �28.4m to �18.9m which I believe shows the relative strength of Cenkos' revenue streams under very difficult
conditions. The table below shows an analysis of how these revenues are made up.

                         Six months to   Six months to   Twelve months to 
                              30-Jun-08       30-Jun-07          31-Dec-07
                              Unaudited       Unaudited            Audited
                                 �000's          �000's             �000's

 Placing fees                    10,708          17,534             32,146
 Corporate finance fees           4,683           3,628             10,109
 Commission income                2,598           4,216              7,680
 Market making                    (170)           2,062              1,969
 Wealth management                1,047             920              1,887
                                 18,866          28,360             53,791

    This table demonstrates that there is a diversification of income streams and whilst placing fees are still a major component of our
revenue, M&A corporate finance fees and commission coming from secondary trading make a significant contribution to income.

    Profit before tax is down from �11.6m to �5.5m, diluted earnings per share decreased to 5.4p from 11.1p. The Board declares an interim
dividend of 5p per share. The level of dividend payout reflects the Company's dividend policy of only retaining further profits when the
Board considers that attractive investment opportunities have been identified, which should be financed by the Group's internal resources.

    Corporate Broking and Advisory

    We continue to grow the number of retained corporate clients and have a firm strategy in place to attract new clients. The Group was
nominated advisor or corporate broker to 56 (2007: 42) companies as at 30 June 2008. During the period the Group also raised some �230m
(2007: �1.0 bn) for its clients. In the period we have also increased the amount of M&A corporate finance fees we generated being involved
in 7 transactions.  In total we completed 15 transactions during the period.  

    Institutional Equities

    The equities team currently provides research driven investment recommendations to institutional clients. At present the team has
particular expertise in the business services and consumer sectors having recruited professionals who are previously top ranked analysts in
these sectors. We have recently added to this team by recruiting analysts who specialise in the retail sector. Given that this activity is
affected by the move to unbundled services, it is encouraging to note that the research produced is perceived by clients to be important to
them and an increasing number have now elected to pay for research separately in addition to paying commission. This team has contributed
significantly to commission income during the period.

    Market making

    The Group continues to run market making activities in order to support other services that it provides to its clients. The Group makes
markets in the securities of all companies where it has a broking relationship, its strategy being to take small positions in a wide range
of stocks thereby providing liquidity to the market. The Group does not engage in proprietary trading and applies a range of position limits
and monitoring procedures to any positions taking. Whilst not immune from the increased volatility in world stock markets, by following this
strategy we have only suffered a small loss on our market making positions.

    Investment Funds

    The team provides a broad range of services including corporate broking, corporate finance, market making and sales with a sole focus on
investment funds. They act as counterparty for a large number of investment fund investors and have a detailed knowledge of their asset
allocation strategies enabling successful secondary distributions and primary sales. The Group makes markets in approximately 200 (2007:
200) investment fund securities and by 30 June 2008 the Group has been appointed as corporate broker to 25 (2007: 23) investment funds and
has raised �129m (2007: �200m)in the period.  

    Offshore wealth management and stockbroking services

    Offshore wealth management and stockbroking services are primarily provided through Cenkos Channel Islands Limited, a 50% owned
subsidiary based in Guernsey and its own subsidiary based in Jersey. Varying levels of stockbroking services from discretionary to execution
only are provided primarily to high net worth individuals and also to financial intermediaries and institutions. The business during the
period has grown both in terms of the number of clients and funds managed. These now stand at 800 (2007: 386) and �341m (2007: �212m),
respectively. We have recently taken the opportunity to add significant capacity to our operations in the Channel Islands by recruiting a
team of 10.  

    Fund Management Business

    Our Fund Management Business is primarily provided by Cenkos Fund Management Limited. This operation already has an investment
management agreement with an AIM quoted fund which has a market capitalisation of circa. �60m. The fund specialises in making investments in
primarily unquoted companies. The team has a well established track record in this particular area. The fund is becoming well invested and
we believe that this business will be a valuable contributor to the Group in the second half of 2008. 

    Balance Sheet

    As can be seen from the balance sheet the investment trust team uses capital to take positions in the shares of quoted investment funds.
These positions primarily facilitate institutional client trading and support the strategies of its investment fund clients. In the present
period we have reduced our exposure to trading investments. Trading investments long positions are down from �23.4m at 30 June 2007 to
�21.0m as at 30 June 2008 and trading investments short positions are down �2.56m from �7.67m at 30 June 2007 to �5.11m as at 30 June 2008. 
At 30 June 2008 our holding in PLUS markets was worth �2.15m (2007: �5.02m). Cash levels are down on last year reflecting the payment of
significant dividends and performance based bonuses during the period. The cash levels are considered more than adequate to meet the
business's requirements and we also have in place a significant and currently undrawn facility from our bankers.

    People

    We continue to invest in our staff whilst maintaining a tight control over our overhead base and are looking to acquire further high
quality teams and businesses.  We believe that, like our present teams, these teams should be rewarded by a mixture of bonus and equity
based payments that align their interests with those of our shareholders. These are uncertain times and can be unsettling. However, our
teams have continued to perform their roles with skill and commitment and this bodes well for the future when markets stabilise and indeed
improve.

    Outlook

    I believe that the present difficult conditions will continue for some time but have confidence that we will continue to trade
profitably and indeed capitalise on opportunities that will open up in the coming months. The second half of the year has started on a
positive note. We have completed a number of deals since our first half finished and we have an encouraging pipeline. 


    Andy Stewart
    Chief Executive Officer
    19 September 2008






 Condensed consolidated income statement
 Six month period ended 30 June
 2008
                                                                                                                                   
Unaudited                                   Unaudited      Audited
                                                                                                                                    1
January                                   1 January    1 January
                                                                                                                                      2008
to                                     2007 to      2007 to
                                                                                     Note                                             30
June                                     30 June  31 December
                                                                                                                                        
2008                                        2007         2007
                                                                                                                                      �
000's                                     � 000's      � 000's

 Continuing operations

 Revenue                                                                                                                              
18,866                                      28,360       53,791
                                                                                                                                            

 Administrative expenses                                                                                                            
(13,985)                                    (17,332)     (33,665)
                                                                                                                                            

                                                                                                                                            
                                                         
 Operating profit                                                                                                                      
4,881                                      11,028       20,126

 Investment income - interest                                                                                                            
716                                         553        1,997
 receivable                                                                                                                                 

 Finance costs - interest                                                                                                               
(56)                                        (11)         (14)
 payable                                                                                                                                    

 Other gains and losses                                                                                                                    
-                                           -        1,709
                                                                                                                                            

                                                                                                                                            
                                                         
 Profit before tax                                                                                                                     
5,541                                      11,570       23,818
 Tax                                                                                  2                                              
(1,597)                                     (3,261)      (7,056)
                                                                                                                                            

                                                                                                                                            
                                                         
 Profit for the period                                                                                                                 
3,944                                       8,309       16,762

 Attributable to:
 Equity holders of the parent                                                                                                          
3,900                                       8,143       16,552
 Minority interests                                                                                                                       
44                                         166          210
                                                                                                                                            
                                                         
                                                                                                                                       
3,944                                       8,309       16,762
 Earnings per share
 Basic                                                                                4                                                 
5.4p                                       11.2p        22.8p
 Diluted                                                                              4                                                 
5.4p                                       11.1p        22.6p
 All amounts shown in the consolidated financial statements derive from continuing operations of the Group.



 Condensed consolidated balance sheet
  as at 30 June 2008                                                                                                               
Unaudited                                   Unaudited      Audited
                                                                                                                                      30
June                                     30 June  31 December
                                                                                                                                        
2008                                        2007         2007
                                                                                                                                      �
000's                                     � 000's      � 000's

 Non-current assets
 Property, plant and equipment                                                                                                         
1,191                                         815          944
                                                                                                                                            

 Available for sale investments                                                                                                        
2,153                                       5,023        3,543
                                                                                                                                            

 Deferred tax asset                                                                                                                      
199                                         463          321
                                                                                                                                            

                                                                                                                                            
                                                         
                                                                                                                                       
3,543                                       6,301        4,808
 Current assets
 Trading investments - long                                                                                                           
21,062                                      23,451       26,597
 positions                                                                                                                                  

 Trade and other receivables                                                                                                          
54,160                                      99,943       56,763
                                                                                                                                            

 Cash and cash equivalents                                                                                                             
3,378                                       9,181       16,244
                                                                                                                                            

                                                                                                                                            
                                                         
                                                                                                                                      
78,600                                     132,575       99,604
                                                                                                                                            
                                                         
 Total assets                                                                                                                         
82,143                                     138,876      104,412
                                                                                                                                            
                                                         
 Current liabilities
 Trading investments - short                                                                                                         
(5,112)                                     (7,666)     (11,803)
 positions                                                                                                                                  

 Trade and other payables                                                                                                           
(37,015)                                    (85,955)     (46,761)
                                                                                                                                            

                                                                                                                                            
                                                         
                                                                                                                                    
(42,127)                                    (93,621)     (58,564)
                                                                                                                                            
                                                         
 Net current assets                                                                                                                   
36,473                                      38,954       41,040
                                                                                                                                            
                                                         
 Non-current liabilities
 Deferred tax liabilities                                                                                                              
(344)                                     (1,205)        (761)
                                                                                                                                            

                                                                                                                                            
                                                         
 Total liabilities                                                                                                                  
(42,471)                                    (94,826)     (59,325)
                                                                                                                                            
                                                         
 Net assets                                                                                                                           
39,672                                      44,050       45,087
                                                                                                                                            
                                                         
 Equity
 Share capital                                                                                                                           
726                                         726          726
                                                                                                                                            

 Share premium account                                                                                                                
22,700                                      22,700       22,700
                                                                                                                                            

 Revaluation reserves                                                                                                                    
803                                       2,812        1,776
                                                                                                                                            

 Retained earnings                                                                                                                    
15,125                                      17,698       19,633
                                                                                                                                            

                                                                                                                                            
                                                         
 Equity attributable to equity holders of the parent
                                                                                                                                      
39,354                                      43,936       44,835

 Minority interests                                                                                                                      
318                                         114          252
                                                                                                                                            
                                                         
 Total equity                                                                                                                         
39,672                                      44,050       45,087
                                                                                                                                            
                                                         



 Condensed consolidated cash flow statement 
 for the six month period ended
 30 June 2008
                                                                                                                                   
Unaudited                                   Unaudited      Audited
                                                                                                                                    1
January                                   1 January    1 January
                                                                                                                                      2008
to                                     2007 to      2007 to
                                                                                                                                      30
June                                     30 June  31 December
                                                                                                                                        
2008                                        2007         2007
                                                                                                                                      �
000's                                     � 000's      � 000's


 Profit for the period                                                                                                                 
3,944                                       8,309       16,762
 Adjustments for:
 Finance costs                                                                                                                         
(659)                                       (543)      (1,984)
 Tax                                                                                                                                   
1,596                                       3,261        7,057
 Depreciation of property, plant and equipment                                                                                           
172                                         103          228
 Other gains and losses                                                                                                                    
-                                           -      (1,709)
 Share-based payment expense                                                                                                             
438                                         675        1,349
                                                                                                                                            
                                                         
 Operating cash flows before movements in working                                                                                      
5,491                                      11,805       21,703
 capital

 Net increase in trading                                                                                                             
(1,155)                                     (7,789)      (6,798)
 investments
 Decrease/(increase) in trade and other receivables                                                                                    
2,537                                    (60,305)     (17,057)
 (Decrease)/increase in trade and other payables                                                                                     
(8,218)                                      55,455       18,573
 Distributions to minority                                                                                                                 
-                                        (78)        (209)
 interests
                                                                                                                                            
                                                         
 Net cash (outflow)/inflow from operating activities                                                                                 
(1,345)                                       (912)       16,212

 Interest paid                                                                                                                          
(56)                                        (11)         (14)
 Taxation paid                                                                                                                       
(3,138)                                           -      (5,942)
                                                                                                                                            
                                                         
 Net cash (outflow)/inflow from operating activities                                                                                 
(4,539)                                       (923)       10,256

 Investing activities
 Interest received                                                                                                                       
782                                         537        1,912
 Net proceeds from the part disposal of a subsidiary                                                                                       
-                                           -        2,021
 Purchase of property, plant                                                                                                           
(420)                                       (181)        (434)
 and equipment
                                                                                                                                            
                                                         
 Net cash generated by investing activities                                                                                              
362                                         356        3,499

 Financing activities
 Dividends paid                                                                                                                      
(8,711)                                           -      (7,259)
 Fees related to issue of                                                                                                                  
-                                        (33)         (33)
 equity shares
 Issue of capital by subsidiary to minority interests                                                                                     
22                                           -            -
                                                                                                                                            
                                                         
 Net cash used in financing activities                                                                                               
(8,689)                                        (33)      (7,292)
                                                                                                                                            
                                                         
 Net (decrease)/increase in cash and cash equivalents                                                                               
(12,866)                                       (600)        6,463

 Cash and cash equivalents at beginning of period                                                                                     
16,244                                       9,781        9,781
                                                                                                                                            
                                                         
 Cash and cash equivalents at                                                                                                          
3,378                                       9,181       16,244
 end of period



 Condensed consolidated statement of changes in equity 
 for the six month period ended
 30 June 2008
                                    Share capital         Share premium                 Revaluation reserve               Retained earnings 
              Minority interests                    Total
                                              � 000's               � 000's                                     � 000's               �
000's                                     � 000's      � 000's

 Attributable to equity holders                   726                22,733                                       1,556                
8,843                                          26       33,884
 of the parent at 1 January
 2007
 Retained profit for the period                     -                     -                                           -                
8,143                                           -        8,143
 Revaluation of                                     -                     -                                       1,794                    
-                                           -        1,794
 available-for-sale investments
 Deferred tax liability arising                     -                     -                                       (538)                    
-                                           -        (538)
 on fair valuation of
 available-for-sale investments
 Profit allocated to minority                       -                     -                                           -                    
-                                         166          166
 interests
 Distribution of profit to                          -                     -                                           -                    
-                                        (78)         (78)
 minority interests
 Credit to equity for equity                        -                     -                                           -                  
675                                           -          675
 settled share-based payments
 Deferred tax asset arising on                      -                     -                                           -                   
37                                           -           37
 share-based payments charged
 to equity
 Share issue costs taken                            -                  (33)                                           -                    
-                                           -         (33)
 through share premium
                                                                                                                                            
                                                         
 Attributable to equity holders                   726                22,700                                       2,812               
17,698                                         114       44,050
 of the parent at 30 June 2007
 Retained profit for the period                     -                     -                                           -                
8,409                                           -        8,409
 Revaluation of                                     -                     -                                     (1,480)                    
-                                           -      (1,480)
 available-for-sale investments
 Deferred tax liability arising                     -                     -                                         444                    
-                                           -          444
 on fair valuation of
 available-for-sale investments
 Deferred tax asset arising on                      -                     -                                           -                  
111                                           -          111
 share-based payments charged
 to equity
 Profit allocated to minority                       -                     -                                           -                    
-                                          44           44
 interests
 Distribution of profit to                          -                     -                                           -                    
-                                       (131)        (131)
 minority interests
 Interest acquired by minority                      -                     -                                           -                    
-                                         314          314
 interest
 Transfer of amounts to                             -                     -                                           -                    
-                                        (89)         (89)
 payables on retirement of
 minority interest members
 Credit to equity for equity                        -                     -                                           -                  
674                                           -          674
 settled share-based payments
 Dividends paid                                     -                     -                                           -              
(7,259)                                           -      (7,259)
                                                                                                                                            
                                                         
 Attributable to equity holders                   726                22,700                                       1,776               
19,633                                         252       45,087
 of the parent at 31 December
 2007
 Retained profit for the period                     -                     -                                           -                
3,900                                           -        3,900
 Revaluation of                                     -                     -                                     (1,390)                    
-                                           -      (1,390)
 available-for-sale investments
 Deferred tax liability arising                     -                     -                                         417                    
-                                           -          417
 on fair valuation of
 available-for-sale investments
 Deferred tax asset arising on                      -                     -                                           -                
(135)                                           -        (135)
 share-based payments charged
 to equity
 Profit allocated to minority                       -                     -                                           -                    
-                                          44           44
 interests
 Issue of capital by subsidiary                     -                     -                                           -                    
-                                          22           22
 to minority interests
 Credit to equity for                               -                     -                                           -                  
438                                           -          438
 equity-settled share-based
 payments
 Dividends paid                                     -                     -                                           -              
(8,711)                                           -      (8,711)
                                                                                                                                            
                                                         
 At 30 June 2008                                  726                22,700                                         803               
15,125                                         318       39,672
                                                                                                                                            
                                                         

 Notes to the condensed consolidated financial statements

 1. Accounting policies
 General Information
 Cenkos Securities plc ("the Company") is a company incorporated in United Kingdom under the Companies Act 1985. The Company's principal
activity is investment banking. These financial statements
 are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates.

 Basis of Accounting
 The interim financial information has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services
Authority and in accordance with International Accounting
 Standard ("IAS") 34 - "Interim Financial Reporting".
 The accounting policies used in arriving at these condensed consolidated financial statements are consistent with those followed in the
preparation of the Group's annual financial statements for
 the year ended 31 December 2007. 

 While the financial information included in this preliminary announcement has been computed in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the European Union,
 this announcement does not itself contain sufficient information to comply with IFRSs. The Group's 2007 statutory account comply with
IFRSs.

 The financial information contained in this interim report does not constitute the Company's statutory accounts within the meaning of
section 240 of the Companies Act 1985. The comparative
 information contained in this report for the year ended 31 December 2007 does not constitute the statutory accounts for that financial
period. Those accounts have been reported on by the Company's
 auditors, Deloitte & Touche LLP, and delivered to the Registrar of Companies. The report of the auditors was unqualified and did not
contain a statement under section 237 (2) or (3) of the
 Companies Act 1985. 

 The interim financial information is unaudited and was approved by the Board of Directors on 19 September 2008. 
 These financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments.

 The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and
assumptions that affect the reported amounts of assets and
 liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although
these estimates are based on management's best knowledge
 of the amount, event or actions, actual results ultimately may differ from those of estimates.

 2. Tax                                                                                                                            
Unaudited                                   Unaudited      Audited
 The tax charge comprises:                                                                                                            30
June                                     30 June  31 December
                                                                                                                                        
2008                                        2007         2007
                                                                                                                                      �
000's                                     � 000's      � 000's
 Current tax
 United Kingdom corporation tax at 28.5% (2007 - 30%) based on the profit for the period                                               
1,609                                       3,531        7,071
                                                                                                                                            
                                               
 Total current tax                                                                                                                     
1,609                                       3,531        7,071

 Deferred tax 
 Credit on account of timing                                                                                                            
(12)                                       (270)         (15)
 differences
                                                                                                                                            
                                               
 Total deferred tax                                                                                                                     
(12)                                       (270)         (15)
                                                                                                                                            
                                               
 Total tax on profit on                                                                                                                
1,597                                       3,261        7,056
 ordinary activities
                                                                                                                                            
                                               
 The tax charge for the period differs from that resulting from applying the standard rate of UK corporation tax of 28.5% to the profit
before tax for the reasons set out in the following
 reconciliation. 
                                                                                                                                   
Unaudited                                   Unaudited      Audited
                                                                                                                                      30
June                                     30 June  31 December
                                                                                                                                        
2008                                        2007         2007
                                                                                                                                      �
000's                                     � 000's      � 000's

 Profit on ordinary activities                                                                                                         
5,541                                      11,570       23,818
 before tax

 Tax on profit on ordinary activities at the UK corporation tax rate of 28.5% (2007: 30%)                                              
1,580                                       3,471        7,145
 Tax effect of:
 Depreciation in excess of                                                                                                                
11                                           2            2
 capital allowances
 Expenses that are not deductible in determining taxable profits                                                                          
96                                          90          595
 Different tax rates of subsidiaries operating in other jurisdictions                                                                   
(73)                                        (16)         (13)
 Income not subject to                                                                                                                  
(47)                                        (50)        (734)
 corporation tax
 Deferred tax on IFRS 2 relating to staff options                                                                                       
(14)                                           -           25
 Deferred tax on IFRS 2 relating to share based payments                                                                                   
2                                       (236)            -
 Adjustment for loss relief not                                                                                                           
42                                           -           36
 claimed
                                                                                                                                            
                                               
 Tax expense for the period                                                                                                            
1,597                                       3,261        7,056
 In addition to the amount charged to the income statement, deferred tax relating to the fair value of the Group's available for sale
investments amounting to �417,101 has been credited directly to
 equity. (2007: �538,194 charged directly to equity).

 3. Dividends
 Amounts recognised as distributions to equity holders in the period:                                                              
Unaudited                                   Unaudited      Audited
                                                                                                                                      30
June                                     30 June  31 December
                                                                                                                                        
2008                                        2007         2007
                                                                                                                                      �
000's                                     � 000's      � 000's
 Final dividend for the year ended 31 December 2007 of 12p (31 December 2006: Nil) per share
                                                                      8,711                                           -                
7,259
 The proposed interim dividend for 2008 of 5p (2007: 10p) per share was approved by the Board on 19 September 2008 and has not been included
as a liability as at 30 June 2008. The dividend will be
 payable on 5 November 2008 to all shareholders on the register at 10 October 2008.


 4. Earnings per share
 The calculation of the basic and diluted earnings per share is based on the following data:
                                                                                                                                   
Unaudited                                   Unaudited      Audited
                                                                                                                                      30
June                                     30 June  31 December
                                                                                                                                        
2008                                        2007         2007
                                                                                                                                      �
000's                                     � 000's      � 000's
 Earnings
 Earnings for the purpose of basic earnings per share being net profit attributable to equity                                          
3,900                                       8,143       16,552
 holders of the parent
 Effect of dilutive potential
 ordinary shares:
   Share options                                                                                                                           
-                                           -            -
                                                                                                                                            
                                                         
 Earnings for the purpose of diluted earnings per                                                                                      
3,900                                       8,143       16,552
 share

                                                                                                                      No.                   
                     No.                          No.
 Number of shares
 Weighted average number of ordinary shares for the purpose of basic earnings per share                                           
72,593,670                                  72,593,670   72,593,670
 Effect of dilutive potential
 ordinary shares:
   Share options                                                                                                                     
255,537                                     445,787      520,806
                                                                                                                                            
                                                         
 Weighted average number of ordinary shares for the purpose of diluted earnings per share                                         
72,849,207                                  73,039,457   73,114,476
 The weighted average number of shares considered for the period also includes the total number of B shares, even though they are partly
paid shares, as these shares are entitled to a full dividend
 payout.

 5. Property, plant and
 equipment
 During the period, the Group spent approximately �420,000 on property, plant and equipment. This mostly related to the costs associated
with the fit out of the new Guernsey and Jersey offices.

 6. Share capital
 The issued share capital as at 30 June 2008 amounted to �725,936. There were no movements in the issued capital of the Company in either
the current or the prior interim reporting period.

 7. Related party transactions
 Related party transactions are described in the 2007 Annual Report in note 24 to the consolidated financial statements. There have been no
material changes in the nature of related party
 transactions in the six months ended 30 June 2008.

 Principal risks and
 uncertainties
 Information on the principal risks and uncertainties facing the Group are included in our latest Annual Report on www.cenkos.com. Risks and
uncertainties which could have a material impact on the
 Group's performance over the remaining six months of the financial year are disclosed in the outlook section of the Chief Executive's
statement.

 Forward-looking statements
 This interim report contains forward-looking statements with respect to the financial condition, results, operations and businesses of
Cenkos Securities plc. Although the Group believes that the
 expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to
have been correct. Such statements and forecasts involve
 risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future. There are a number of
factors that could cause actual results or developments to
 differ materially from those expressed or implied by forward-looking statements and forecasts. Forward-looking statements and forecasts are
based on the Directors' current view and information
 known to them at the date of this statement. The Directors do not make any undertaking to update or revise any forward-looking statements,
whether as a result of new information, future events or
 otherwise.

 Directors' responsibility
 statement
 The Directors confirm that this condensed set of financial statements has been prepared in accordance with the IAS 34 as adopted by the
European Union, and that the interim report herein includes a
 fair review of the information required by DTR 4.2.7 and DTR 4.2.8.



 Independent review report to Cenkos Securities plc

 Introduction
 We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six
months ended 30 June 2008 which comprises the income
 statement, the balance sheet, the statement of changes in equity, the cash flow statement and related notes 1 to 7. We have read the other
information contained in the half-yearly financial report
 and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of
financial statements.
 This report is made solely to the Company in accordance with International Standard on Review Engagements 2410 issued by the Auditing
Practices Board. Our work has been undertaken so that we might
 state to the Company those matters we are required to state to them in an independent review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume
 responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed.

 Directors' responsibilities
 The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for
preparing the half-yearly financial report in accordance with
 the AIM Rules of the London Stock Exchange.

 As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European
Union. The condensed set of financial statements included in
 this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting,"
as adopted by the European Union.

 Our responsibility
 Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial
report based on our review.

 Scope of Review 
 We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial
Information Performed by the Independent Auditor of the
 Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making
inquiries, primarily of persons responsible for financial
 and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing
 (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express
 an audit opinion.

 Conclusion
 Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the
half-yearly financial report for the six months ended 30 June
 2008 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union
and the AIM Rules of the London Stock Exchange.

 Deloitte & Touche LLP
 Chartered Accountants and Registered Auditors

 London, United Kingdom
 19 September 2008


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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