TIDMCNKS
RNS Number : 1508N
Cenkos Securities PLC
26 September 2012
Cenkos Securities plc (the "Company") together with its
subsidiaries (the "Group")
UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTH PERIOD
ENDED 30 JUNE 2012
Financial highlights
30 June 2012 30 June 2011
Revenue from continuing operations GBP20.2m GBP25.1m
Operating profit from continuing operations GBP3.4m GBP4.8m
Profit before tax from continuing operations GBP3.5m GBP5.0m
Profit after tax from continuing operations GBP2.5m GBP3.5m
Profit after tax from continuing and discontinued GBP6.0m GBP3.9m
operations
Basic and diluted earnings per share from continuing
operations 3.6p 5.0p
Basic and diluted earnings per share from continuing
and discontinued operations 8.3p 5.2p
Interim dividends per share declared 3.5p 4.0p
Cash and cash equivalents GBP22.9m GBP19.2m
Capital resources in excess of Pillar 1 and GBP8.6m GBP8.0m
2 regulatory capital requirements
Operational highlights
Funds raised for clients GBP353 million GBP619 million
Nominated adviser, corporate broker or financial 118 companies 106 companies
adviser to
Commenting on the interim results, Chief Executive Officer Jim
Durkin noted:
"Whilst revenues have reduced owing to prevailing market
conditions, I am pleased that we continue to raise funds for our
expanding client base and that we remain profitable on our
continuing operations. We also generated a GBP3.5 million profit
after tax from discontinued operations, following on from the
disposal of our controlling stake in Cenkos Channel Islands
Limited. We have made an encouraging start to the second half of
2012."
For further information contact:
Jim Durkin 020 7397 8900 David Rydell / Duncan Mayall 020 7861
3232
Chief Executive Officer Pelham Bell Pottinger
Cenkos Securities plc
Nick Donald 020 7991 1504
HSBC (Nomad)
Business Review
Strategy and business model
Cenkos Securities plc ("Cenkos" or the "Company") is listed on
the Alternative Investments Market ("AIM") and regulated by the
FSA. It was founded in 2005 and has, over the past seven years,
established a successful platform that has been profitable in every
year of its existence and delivered a strong dividend stream. The
Company's prime strategy is to build from this base to become the
principal UK institutional broker to growth companies based in the
UK and abroad. Cenkos aims to achieve this through:
- Successful fund raising and advice to clients through an
innovative and entrepreneurial approach;
- Delivering sustainable, diversified and growing income streams;
- Adding high quality individuals to the teams; and
- Managing costs and risks carefully,
thereby providing shareholder value through share price growth
and a strong dividend yield.
Cenkos' business model is based on offering market leading
corporate broking / securities services to small and mid-cap growth
companies, with a focus on companies that wish to float on the
London Stock Exchange's (LSE) AIM market or are already quoted on
AIM or the LSE's main market. Cenkos aims to operate an efficient
and flexible business model, whilst reflecting that it operates in
a highly regulated environment.
Cenkos' Key Performance Indicators (KPIs) include, but are not
limited to, measures such as:
- Profit before tax, the revenue and profitability of each
business segment, cost management, earnings per share;
- The size and quality of our corporate client base (e.g. Nomad
/ broker appointments), the aggregate funds raised for clients;
and
- Various key risk indicators, including regulatory ratios and cash flow measures.
Commentary on KPIs is included in this Business Review.
Summary of performance
The Company is pleased to report that, despite the difficult
economic conditions that prevailed during the period, we have
remained profitable and continue to grow our client base. Although
revenues and profits have fallen when compared to the same period
last year, they are well ahead of the second half of last year.
This has been achieved against an ongoing backdrop of fragile and
volatile equity markets. Our business model ensures a low fixed
cost base and a remuneration structure highly geared to
performance. We maintain a positive cash cycle and a limited
exposure to credit and market risk. This, combined with the high
quality, dedication and experience of our employees, has enabled
Cenkos to produce this performance.
Despite difficult equity market conditions, we continue to raise
equity capital for our corporate clients. The result being that we
are now officially ranked as one of the leading brokers in London
for growth companies. Cenkos remains highly placed in its chosen
markets, as noted in Morningstar's Professional Services Rankings
Guide for Q3 2012 (published in August 2012), where we were ranked
first in terms of both 'Nomad' and 'Stockbroker' for all AIM
clients by both number of clients and clients' market
capitalisation.
Total revenue on continuing operations for the period decreased
by 19% to GBP20.2 million (H1 2011: GBP25.1 million). The economic
slowdown continues to impact equity markets with the total funds
being raised by all companies on AIM falling by 37% to GBP1,761
million from H1 2011 to H1 2012 (source: LSE AIM factsheet June
2012). This fall continues to impact the stockbroking and advisory
industry's profitability and is leading to long overdue
consolidation amongst our competitors. Given our strong market
position and continued profitability, this continued turmoil
provides us with an opportunity to win new clients and to continue
to add high quality individuals to our existing teams.
Costs of continuing operations fell by GBP3.4 million (17%) in
the period, mainly reflecting a fall in performance-related pay of
GBP3.0 million driven by lower net revenues. We endeavour to
remunerate our staff to a level which not only retains but also
motivates them to behave in line with the longer-term growth
objectives of the Company. We continue to pursue a policy of
maintaining a low fixed cost base and a remuneration policy of low
basic salaries and rewarding net income generation.
Profit before tax on continuing operations was GBP3.5 million
(H1 2011: GBP5.0 million). This 29% fall reflected the lower
revenues noted above, offset by lower performance related pay.
Basic and diluted earnings per share on continuing operations fell
by 28% to 3.6 pence (H1 2011: 5.0 p).
Cenkos continues to maintain a firm control over risk, enjoys
healthy cash levels and remains well capitalised against regulatory
requirements.
Following on from a strategic review, we sold our controlling
interest in our offshore fund and wealth management business,
Cenkos Channel Islands Limited (CCIL), in April 2012, reducing our
stake from 50% to 10%. As noted in our 2011 Annual Report, in
February 2012 we also completed the sale of our onshore fund
management business, Cenkos Fund Managers Limited. Cenkos generated
GBP3.5 million profit after tax on discontinued operations (H1
2011: GBP0.4 million).
Review of performance: Corporate Broking and Advisory
This business segment includes the results of our growth company
and investment funds activities, including the results of our
market making capability that supports these areas. Revenue in this
segment is made up of placing commission on fund raisings,
corporate finance fees and retainer income, market making profits
and commissions on secondary market transactions.
Revenue was down 20% to GBP19.0 million (H1 2011: GBP23.8
million), due largely to a fall in corporate finance revenues -
including placing fees - which were GBP12.9 million (H1 2010:
GBP18.3 million). The segment result was down 15% to GBP7.7 million
(H1 2011: GBP9.1 million).
In our core market, AIM, the total value of primary admissions
to AIM fell from GBP260 million in H1 2011 to GBP210 million in H1
2012. Additionally, in the same period, the value of secondary fund
raisings on AIM fell from GBP2,557 million to GBP1,551 million
(source: LSE AIM factsheet June 2012). Against this backdrop, we
are pleased to announce that during the period we completed 21
transactions and our clients raised a total of GBP306 million (H1
2011: GBP358 million), which included two primary issues. In the
period we also completed two M&A corporate finance transactions
(H1 2011: five). This performance is particularly encouraging as it
was achieved during a period where there was limited transactional
revenue and continued competitive pressure. We continue to be
highly rated in Morningstar's Professional Services Rankings Guide
for Q3 2012 (published in August 2012). In addition to being ranked
first in terms of both 'Nomad' and 'Stockbroker' for all AIM
clients by both number of clients and clients' market
capitalisation, we were also ranked first in terms of both 'Nomad'
and 'Stockbroker' to the Oil & Gas and Telecommunications
sectors, and second in terms of Nomad to the Consumer Services,
Financials, Technology and Utilities sectors. As
at 30 June 2012, Cenkos was nominated adviser or corporate
broker / financial adviser to 118 companies or trusts (H1 2011:
106).
Our investment funds team provides a broad range of services to
investment companies including primary and secondary sales, market
making, research, corporate broking and corporate finance advice.
Their sales team services both institutional and wealth manager
clients. In the period to 30 June 2012 we raised GBP47 million for
investment companies (H1 2011: GBP261 million, including GBP166
million for Fidelity China Special Situations plc).
The Group makes markets in the securities of all the companies
where it has a broking relationship to support the other services
it provides to its clients. Cenkos is a member of the LSE. We
actively provide liquidity to the market and facilitate
institutional business in both small and large cap equities. Our
equity trading desk now makes markets in the shares of 221
companies and our investment trust desk 130. We continue to
actively restrict the amount of capital committed to this activity
to limit the market risk exposure without adversely affecting the
revenue generated. Cenkos does not engage in proprietary trading
and applies position limits and monitoring procedures to ensure it
controls the risks taken. Cenkos does, from time to time, take
stock in lieu of fees and the market movement on these items is
also included in this income stream.
Review of performance: Institutional Equities
The Institutional Equities team provides research-driven
investment recommendations to institutional clients.
In the first half of 2012, the number of shares traded in the UK
market, across all exchanges, was little different from the same
period last year. The value of these transactions, however, dropped
by about 10%. But the commission paid to the broking industry fell
a further 15% as a result of the increased use of "direct market
access" by institutional investors. As pressure continues to grow
on fund management charging, this is not a situation that is likely
to change. Nor do we expect volumes to improve until there is some
lasting resolution to the Euro crisis.
Despite this difficult background, we remain optimistic. Our own
revenues for the period for this segment were down just 1% to
GBP1.3 million (H1 2011: GBP1.3 million), and the segment result
improved to GBP0.3 million (H1 2011: GBP0.1 million). We believe
that our client base recognises that we are committed to producing
excellent and thought-provoking research and that the flexibility
of our business model means that we can continue to do so. Despite
falling commission rates, we still wish to raise our research
capability: we recognise that in an increasingly competitive world,
stock and market insight is only going to become more valuable.
Our execution business is strictly focused on client
facilitation and we do not engage in proprietary trading. We
believe that this segment continues to enhance Cenkos' overall
service offering to its expanding client base.
Review of performance: Fund and Wealth Management
Our offshore fund and wealth management services were provided
through Cenkos Channel Islands Limited (CCIL), a 50% owned
subsidiary based in Guernsey and its own subsidiary based in
Jersey. Following on from a strategic review, in April 2012 we sold
our controlling interest in CCIL, reducing our stake from 50% to
10%.
The onshore fund management business was provided by a
subsidiary company, Cenkos Fund Managers Limited. This operation
has an investment management agreement with an AIM-quoted fund. A
decision was made by the Board to sell this business to local
management in November 2011 and this sale was completed on 1
February 2012. The results for the year of this business, and the
loss on sale, are shown as discontinued operations and the
comparative results for 2011 have also been restated
accordingly.
Cenkos generated a profit after tax from discontinued operations
of GBP3.5 million, which included a GBP0.7 million gain on the fair
value uplift on the interest retained in CCIL.
Statement of consolidated financial position and cash flow
We currently hold cash levels at GBP22.9 million (H1 2011:
GBP19.2 million). The period to 30 June 2012 has seen a net
increase in cash and cash equivalents of GBP8.9 million (H1 2011:
net decrease of GBP9.2 million). This is largely due to the Group's
profitable trading over the period generating GBP2.8 million (H1
2011: inflow GBP5.0 million), a reduction of the investment in
financial assets, lower dividend payments and net cash inflow from
the sale of discontinued operations.
At present Cenkos has no gearing and the Board continues to
review gearing levels on an ongoing basis. Cenkos has to retain
sufficient capital to satisfy the UK Financial Services Authority's
capital requirements. These requirements vary from time to time
depending on the business conducted. As at 30 June 2012, Cenkos had
a solvency ratio based on capital resources against Pillar 1
capital requirement of 223% (H1 2011: 213%) based on audited
profits, and a capital resources surplus of GBP8.6 million (H1
2011: GBP8.0 million) in excess of our Pillar 1 and 2 regulatory
capital requirements.
Dividend
The Board proposes an interim dividend of 3.5p per share
reflecting our earnings per share on continuing operations. This
compares to last year's initial interim dividend of 4p per share
and a final dividend of 1p per share. Since our flotation on AIM in
October 2006, the Company has paid a total of 65 pence per share in
dividends. The dividend will be paid on 15 November 2012 to all
shareholders on the register at 12 October 2012.
People
Whilst the market in which we operate remains unsettled, the
continued professionalism of our employees has enabled us to
achieve the robust performance for the period. I am proud to lead a
group of such dedicated and talented individuals. Their skill,
commitment and determination will continue to provide us with a
solid platform on which to continue to build our franchise.
During the six months to 30 June 2012, there were a number of
changes to the Board.
Gerry Aherne, was appointed as a Non-executive Director of the
Company on 4 April 2012, and replaced Peter Sullivan as Chairman on
10 May 2012. Both Peter Sullivan and David Henderson stepped down
as a Non-executive Directors of the Company on 10 May 2012. On 15
May 2012 Dr Anthony Hotson was appointed as a Non-executive
Director.
The Company is committed to maintaining a strong and effective
Board with regulatory, operational and strategic responsibilities
for supervising the business in the best interests of the
shareholders. In order to meet this commitment and to ensure
regulatory governance is maintained, the Non-executive Directors
believe that it is appropriate for a number of the key business
leaders within the Company to be members of the Board and
collectively responsible for the long-term success of the Company.
Following a comprehensive review of the Board's composition by the
Chairman and the Non-executive Directors, on 8 June 2012 Mike
Chilton, Paul Hodges, Joe Nally and Jeremy Warner Allen were all
appointed Executive Directors of the Company.
Principal risks and uncertainties
The principal risks and uncertainties Cenkos currently faces,
and how these are managed, are outlined in our 2011 Annual Report
and Accounts. As you would expect, the fundamental risk is that
Cenkos' income is dependent on the health of the financial markets
and in particular the economic conditions of the UK. Our business
model has been designed to minimise the impact of lower revenues by
ensuring that performance related pay also falls to help compensate
for this. In addition to the economic risks noted above, the key
risk areas that could impact the Group's future performance, and
how they are managed, are categorised as follows:
- Reputational risk;
- Operational risk, including regulatory risk, people risk and litigation risk;
- Credit risk; and
- Market risk and liquidity risk.
Recent conditions in the Eurozone have resulted in a higher risk
of disruption and business risk from high currency volatility and
/or the potential of an exit of one or more countries from the
Euro. Cenkos has limited direct exposure to the Eurozone as the
primary economic environment in which Cenkos operates is the UK and
the majority of its transactions are in UK based equities.
Aside from the health of UK equity markets and the disposals of
CCIL and CFM, the other key changes that may impact Cenkos' risk
profile over the next six months, and how they are being managed,
relate to:
- The pace of change in the regulatory environment - Cenkos
continues to focus heavily on prudential risks to ensure the
appropriate systems and controls, reporting, capital and liquidity
requirements, resources and culture are all in place to meet the
ongoing obligations of an FSA regulated (BIPRU Investment) firm;
and
- Ensuring that we continue to retain and attract high quality
staff. The recent Board changes are designed to ensure key business
heads are more fully represented on the Board, and we continue to
look to recruit staff who are attracted by our culture and business
model.
Outlook
Whilst not immune to events in the general economy, our pipeline
remains strong and we have made an encouraging start to the second
half of 2012.
Jim Durkin
Chief Executive Officer
25 September 2012
Responsibility statement
We confirm that to the best of our knowledge:
a) the condensed set of financial statements, prepared in
accordance with the applicable set of accounting standards, give a
true and fair view of the assets, liabilities, financial position
and profit of Cenkos Securities plc and the undertakings included
in the consolidation taken as a whole as at 30 June 2012, and
b) the interim management report set out in the Business Review
includes a fair review of the development and performance of the
business and the position of Cenkos Securities plc and the
undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and
uncertainties that they face.
Forward-looking statements
These financial statements contain 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.
Condensed consolidated income statement for the six month period
ended 30 June 2012
Restated Restated
Unaudited Unaudited Audited
1 January 1 January 1 January
2012 to 2011 to 2011 to
Note 30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Continuing operations
Revenue 20,238 25,095 37,360
Administrative expenses (16,882) (20,246) (32,556)
Operating profit 3,356 4,849 4,804
Investment income - interest receivable 182 136 319
Interest expense (9) - (8)
Profit before tax from continuing operations
for the period 3,529 4,985 5,115
Tax 3 (999) (1,440) (1,537)
Profit after tax from continuing operations
for the period 2,530 3,545 3,578
Discontinued operations
Profit after tax for the period from discontinued
operations 4 3,478 380 433
Profit for the period 6,008 3,925 4,011
Attributable to:
Equity holders of the parent 5,920 3,737 3,711
Non-controlling interests 88 188 300
6,008 3,925 4,011
Earnings per share
From continuing operations
Basic 6 3.57p 4.98p 5.02p
Diluted 6 3.57p 4.97p 5.02p
From continuing and discontinued operations
Basic 6 8.34p 5.24p 5.21p
Diluted 6 8.34p 5.24p 5.21p
Condensed consolidated statement of comprehensive income
for the six month period ended 30 June
2012
Unaudited Unaudited Audited
1 January 1 January 1 January
2012 to 2011 to 2011 to
30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Profit for the period 6,008 3,925 4,011
Available-for-sale financial assets
Gains/(losses) arising during the period 250 - -
Total comprehensive income for the period 6,258 3,925 4,011
Attributable to:
Equity holders of the parent 6,170 3,737 3,711
Non-controlling interests 88 188 300
6,258 3,925 4,011
Condensed consolidated statement of financial position as at 30
June 2012
Unaudited Unaudited Audited
Notes 30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Non-current assets
Property, plant and equipment 7 699 1,184 1,133
Available-for-sale financial assets 4 1,250 - -
Deferred tax asset 164 108 97
Trade and other receivables 3,751 4,924 3,839
5,864 6,216 5,069
Current assets
Trade and other receivables 24,375 49,390 21,800
Other current financial assets 7,354 10,732 10,263
Cash and cash equivalents 8 22,880 19,230 14,010
54,609 79,352 46,073
Total assets 60,473 85,568 51,142
Current liabilities
Trade and other payables (28,623) (54,227) (23,518)
Other current financial liabilities (2,767) (3,049) (2,539)
(31,390) (57,276) (26,057)
Net current assets 23,219 22,076 20,016
Total liabilities (31,390) (57,276) (26,057)
Net assets 29,083 28,292 25,085
Equity
Share capital 9 728 728 728
Own shares (2,413) (2,147) (2,190)
Available-for-sale reserve 250 - -
Retained earnings 30,518 28,135 25,142
Equity attributable to equity holders
of the parent 29,083 26,716 23,680
Non-controlling interests - 1,576 1,405
Total equity 29,083 28,292 25,085
Condensed consolidated cash flow statement for the six month period
ended 30 June 2012
Unaudited Unaudited Audited
1 January 1 January 1 January
2012 to 2011 to 2011 to
Notes 30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Profit for the period 6,008 3,925 4,011
Adjustments for:
Net finance income (173) (138) (315)
Tax expense 999 1,405 1,549
Depreciation of property, plant and equipment 153 179 362
Profit on sale of fixed assets - - (1)
Attributable tax expense from discontinued
operations - - (105)
Gain on disposal of discontinued operation
and fair value of interest retained before
deduction of non-controlling interest (1,734) - 296
Non-controlling interest in net assets sold 4 (1,568) - (162)
Shares and options received in kind (1,089) (608) (607)
Share-based payment expense 241 239 195
Operating cash flows before movements in
working capital 2,837 5,002 5,223
Decrease in net trading investments 4,169 406 365
(Increase) / decrease in trade and other
receivables (38,156) (22,610) 6,138
Increase / (decrease) in trade and other
payables 40,664 12,576 (17,376)
Net cash inflow from operating activities 9,514 (4,626) (5,650)
Interest paid (9) - (9)
Tax paid (618) (1,098) (2,172)
Net cash inflow from operating activities 8,887 (5,724) (7,831)
Investing activities
Interest received 97 24 124
Acquisition of interest in a subsidiary
by a subsidiary - (8) (8)
Net proceeds from the sale of fixed assets - 5 5
Purchase of property, plant and equipment (63) (436) (568)
Cash flow from sale of discontinued operations,
net of cash disposed 4 881 - -
Net cash generated from investing activities 915 (415) (447)
Financing activities
Dividends paid (709) (2,850) (5,699)
Distributions made to non-controlling
interests - (195) (345)
Payments in relation to pre-IPO share
options - - (69)
Acquisition of own shares (223) - (43)
Acquisition of own shares by a subsidiary - (54) (24)
Net cash used in financing activities (932) (3,099) (6,180)
Net increase / (decrease) in cash and cash
equivalents 8,870 (9,238) (14,458)
Cash and cash equivalents at beginning
of period 14,010 28,468 28,468
Cash and cash equivalents at end of period 22,880 19,230 14,010
Condensed consolidated statement of changes in equity for the six month period ended 30 June 2012
Share Revaluation Retained Minority
capital Own shares reserve earnings Total Interests Total
GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's
Attributable to
equity holders of
the parent at 1
January 2011 728 (2,147) - 27,134 25,715 1,540 27,255
Profit for the period - - - 3,737 3,737 188 3,925
----------- ------------ ------------- ----------- ----------- ------------ -----------
Total comprehensive
income for the
period - - - 3,737 3,737 188 3,925
Increase of
investment in
subsidiary - - - (63) (63) 55 (8)
Subsidiary's
acquisition of own
shares - - - - - (54) (54)
Credit to equity for
equity settled
share-based payments - - - 197 197 42 239
Deferred tax on
share-based payments - - - (20) (20) - (20)
Dividends paid - - - (2,850) (2,850) (195) (3,045)
Attributable to
equity holders of
the parent at 30
June 2011 728 (2,147) - 28,135 26,716 1,576 28,292
Profit for the period - - - (26) (26) 112 86
----------- ------------ ------------- ----------- ----------- ------------ -----------
Total comprehensive
income for the
period - - - (26) (26) 112 86
Own shares acquired
in the period - (43) - - (43) - (43)
Subsidiary's
acquisition of own
shares - - - - - 30 30
Share of
profit/(loss) from
discontinued
operation
attributable to
non-controlling
interests - - - - - (162) (162)
Credit to equity for
equity-settled
share-based payments - - - (44) (44) - (44)
Payments in relation
to pre-IPO share
options - - - (69) (69) - (69)
Deferred tax on
share-based payments - - - (6) (6) - (6)
Dividends paid - - - (2,849) (2,849) (150) (2,999)
Attributable to
equity holders of
the parent at 31
December 2011 728 (2,190) - 25,141 23,679 1,406 25,085
Retained profit for
the period - - - 5,920 5,920 88 6,008
Revaluation of
available-for-sale
investments - - 250 - 250 - 250
----------- ------------ ------------- ----------- ----------- ------------ -----------
Total comprehensive
income for the
period - - 250 5,920 6,170 88 6,258
Own shares acquired
in the period - (223) - - (223) - (223)
Share of
profit/(loss) from
discontinued
operation
attributable to
non-controlling
interests - - - - - (1,568) (1,568)
Credit to equity for
equity settled
share-based payments - - - 138 138 102 240
Other reserve
movements - - - 28 28 (28) -
Dividends paid - - - (709) (709) - (709)
At 30 June 2012 728 (2,413) 250 30,518 29,083 - 29,083
Notes to the condensed consolidated financial statements
1. Accounting policies
General Information
Cenkos Securities plc (the "Company" together with its subsidiaries, the "Group")
is a company incorporated in United Kingdom under the Companies Act 2006 (Company
Registration No. 05210733). The Group's principal activity is as an institutional
broker to growth companies based in the UK and abroad. 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 condensed set of financial statements for the six months ended 30 June
2012 have been prepared in accordance with IAS 34 Interim Financial Reporting.
The interim condensed consolidated financial statements do not include all
the information and disclosures required in the annual financial statements,
and should be read in conjunction with the Group's annual financial statements
for the year ended 31 December 2011.
The accounting policies adopted in the preparation of the interim 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 2011.
Adoption of new and revised standards
During the period, a number of amendments to IFRS became effective and were
adopted by the Group, none of which had a material impact on the Group's net
cash flows, financial position, Consolidated statement of comprehensive income
or earnings per share.
The financial information contained in this interim report does not constitute
the Company's statutory accounts within the meaning of section 434 of the
Companies Act 2006. The comparative information contained in this report for
the year ended 31 December 2011 does not constitute the statutory accounts
for that financial period. Those accounts have been reported on by the Company's
auditors Ernst & Young LLP, and delivered to the Registrar of Companies. The
report of the auditors was unqualified and did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
The interim financial statements are unaudited and were approved by the Board
of Directors on 25 September 2012.
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.
These financial statements have been prepared on the historical cost basis,
except for the revaluation of certain financial instruments.
Going Concern
The Group's business activities, together with the factors likely to affect
its future development and performance, the Group's principal risks and uncertainties
and the financial position of the Group, are set out in the Group's Annual
Report and Financial Statements for the year ended 31 December 2011.
The Directors are satisfied that the Group has sufficient resources to continue
in operation for the foreseeable future, a period of not less than 12 months
from the date of this report. Accordingly, the Directors continue to adopt
a going concern basis in preparing the interim financial statements.
2. Business and geographical
segments
IFRS 8, Operating Segments
IFRS 8 Operating Segments requires operating segments to be identified on
the basis of internal reports about components of the Group that are regularly
reviewed by the Chief Executive Officer to monitor segment performance and
to allocate resources between segments.
Services from which reportable segments
derive their revenues
Based on its internal management reporting, the Group has identified three
reportable segments and the following products and services provided by these
segments:
Corporate Broking and
Advisory
This segment provides corporate finance, corporate broking and market making
services to growth companies and investment funds.
Institutional Equities
The institutional equities team currently provides research-driven investment
recommendations to institutional clients.
Fund and Wealth Management
Offshore wealth management and stock broking services were provided through
CCIL and our fund management business was provided by Cenkos Fund Managers
Limited. On 1 February 2012, the Group sold its entire holding of shares in
Cenkos Fund Managers Limited and on 2 April 2012, the Group sold 80% of its
50% holding in CCIL. The results of these companies comprise the entire performance
of this segment and as the Group's remaining interest in CCIL is held as a
trade asset and the results are not consolidated, this segment has been treated
as a discontinued operation. These transactions are fully described in note
4.
An analysis of the Group's revenue and result by
reportable segment is as follows:
1 January 2012 to 30 June 2012
Corporate Fund Less:
Broking and Institutional and Wealth Discontinued Group
Advisory Equities Management Operations Total
Segment revenues and
results GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's
Corporate finance 12,895 - - - 12,895
Corporate broking & market making 4,736 244 - - 4,980
Research fees & commission 1,351 1,012 - - 2,363
Management fees & stockbroking
services - - 1,520 (1,520) -
--------------------- ------------------ ------------------ ------------------- --------------
Segment revenue 18,982 1,256 1,520 (1,520) 20,238
Administrative expenses (11,234) (917) (1,337) 1,337 (12,151)
--------------------- ------------------ ------------------ ------------------- --------------
Segment results 7,748 339 183 (183) 8,087
Unallocated Administrative expenses (4,731)
Operating Profit 3,356
Investment income - interest
receivable 182
Interest expense (9)
Profit before tax 3,529
Tax (999)
Profit after tax for the period from discontinued operations
(Fund and Wealth Management) * 3,478
Profit for the year 6,008
* See note 4 for details.
2. Business and geographical segments
(continued)
30 June 2012
Corporate Fund Less:
Broking and Institutional and Wealth Discontinued Group
Advisory Equities Management Operations Unallocated Total
GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's
Other segment information:
Assets 9,719 - - - 50,754 60,473
Liabilities (10,447) (174) - - (20,769) (31,390)
Depreciation and amortisation - - - - 153 153
Additions to non-current
assets - - - - 63 63
Segment assets have been allocated on the basis of the internal reports received
by the Chief Executive Officer for the purposes of monitoring segment performance
and allocating resources between segments.
1 January 2011 to 30 June 2011
Corporate Fund Less:
Broking and Institutional and Wealth Discontinued Group
Advisory Equities Management Operations Total
Segment revenues and
results GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's
Corporate finance 18,280 241 - - 18,521
Corporate broking & market making 4,025 318 - - 4,343
Research fees & commission 1,520 711 - - 2,231
Management fees & stockbroking
services - - 3,440 (3,440) -
--------------------- ------------------ ------------------ ------------------- --------------
Segment revenue 23,825 1,270 3,440 (3,440) 25,095
Administrative expenses (14,704) (1,136) (3,096) 3,096 (15,840)
--------------------- ------------------ ------------------ ------------------- --------------
Segment results 9,121 134 344 (344) 9,255
Unallocated administrative expenses (4,406)
Operating Profit 4,849
Investment income - interest
receivable 136
Interest expense -
Profit before tax 4,985
Tax (1,440)
Loss after tax for the period from discontinued operations
(Fund and Wealth Management) 380
Profit for the year 3,925
30 June 2011
Corporate Fund Less:
Broking and Institutional and Wealth Discontinued Group
Advisory Equities Management Operations Unallocated Total
GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's
Other segment information:
Assets 13,854 - 16,558 - 55,156 85,568
Liabilities (12,947) (33) (13,455) - (30,841) (57,276)
Depreciation and amortisation - - 1 - 178 179
Additions to Non-current
assets - - - - 436 436
1 January 2011 to 31 December 2011
Corporate Fund Less:
Broking and Institutional and Wealth Discontinued Group
Advisory Equities Management Operations Total
Segment revenues and
results GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's
Corporate finance 25,754 239 - - 25,993
Corporate broking & market making 6,665 548 - - 7,213
Research fees & commission 2,760 1,394 - - 4,154
Management fees & stockbroking
services - - 6,745 (6,745) -
--------------------- ------------------ ------------------ ------------------- --------------
Segment revenue 35,179 2,181 6,745 (6,745) 37,360
Administrative expenses (18,995) (1,638) (6,226) 6,226 (20,633)
--------------------- ------------------ ------------------ ------------------- --------------
Segment results 16,184 543 519 (519) 16,727
Unallocated administrative expenses (11,923)
Operating Profit 4,804
Investment income - interest
receivable 319
Interest expense (8)
Profit before tax 5,115
Tax (1,537)
Loss after tax for the period from discontinued operations
(Fund and Wealth Management) 433
Profit for the year 4,011
31 December 2011
Corporate Fund Less:
Broking and Institutional and Wealth Discontinued Group
Advisory Equities Management Operations Unallocated Total
GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's
Other segment information:
Assets 13,475 - 8,141 (300) 29,826 51,142
Liabilities (8,784) (10) (4,984) 4 (12,283) (26,057)
Depreciation and amortisation 21 4 85 (1) 253 362
Additions to non-current
assets - - 368 - 200 568
Segment assets have been allocated on the basis of the internal report received
by the Chief Executive Officer for the purposes of monitoring segment performance
and allocating resources between segments.
An analysis of the Group's revenue and result by
geographical location is as follows:
1 January 2012 to 30 June
Geographical information 2012
United Channel Group
Kingdom Islands Total
GBP 000's GBP 000's GBP 000's
Revenue from continuing operations 20,238 - 20,238
Revenue from discontinued operations 67 1,453 1,520
Revenue from continuing and discontinued
operations (a) 20,305 1,453 21,758
Non-current assets 5,864 - 5,864
1 January 2011 to 30 June
2011
United Channel Group
Kingdom Islands Total
GBP 000's GBP 000's GBP 000's
Revenue from continuing operations 25,095 - 25,095
Revenue from discontinued operations 220 3,220 3,440
Revenue from continuing and discontinued
operations (a) 25,315 3,220 28,535
Non-current assets 5,832 384 6,216
Certain items have been re-classified from those previously
reported.
1 January 2011 to 31 December
2011
United Channel Group
Kingdom Islands Total
GBP 000's GBP 000's GBP 000's
Revenue from continuing operations 37,360 - 37,360
Revenue from discontinued operations 402 6,343 6,745
Revenue from continuing and discontinued
operations (a) 37,762 6,343 44,105
Non-current assets 4,712 357 5,069
(a) Revenues are attributed on the basis of the entities location. Discontinued
operations were located in both the United Kingdom and the Channel Islands.
Certain items have been re-classified from those previously reported.
Major clients
In the 6 month period to 30 June 2012, one of the Group's clients contributed
more than 10% of the Group's revenue. The amount was GBP2.99 million, which
is reflected in the Corporate Broking and Advisory segment's revenue (6 months
to 2011: no client contributed more than 10% of the Group's revenue).
3. Tax 1 January 1 January 1 January
2012 to 2011 to 2011 to
30 June 30 June 31 December
The tax charge comprises: 2012 2011 2011
GBP 000's GBP 000's GBP 000's
Current tax
United Kingdom corporation tax at 24.5% (2011: 26.5%)
based on the profit for the period 974 1,440 1,473
Overseas tax charge borne by subsidiaries operating
in other jurisdictions - - -
Adjustment in respect of prior
period
United Kingdom corporation tax at 24.5% (2011: 26.5%) 92 5 63
Total current tax 1,066 1,445 1,536
Deferred tax
Credit on account of temporary
differences (79) (43) (94)
Charge on account of temporary
differences 12 38 95
Total deferred tax (67) (5) 1
Total tax on profit on ordinary activities from continuing
operations 999 1,440 1,537
The tax expense in the income statement is
disclosed as follows:
Income tax expense on continuing
operations 999 1,440 1,537
Income tax expense / (credit) on discontinued
operations 5 (35) (93)
1,004 1,405 1,444
The tax charge for the period differs from that resulting from applying the
standard rate of UK corporation tax of 24.5% (2011: 26.5%) to the profit before
tax for the reasons set out in the following reconciliation.
1 January 1 January 1 January
2012 to 2011 to 2011 to
30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Profit before tax from continuing
operations 3,529 4,985 5,115
Profit before tax from discontinued
operations 3,483 345 524
Profit before tax from continuing and discontinued
operations 7,012 5,330 5,639
Tax on profit on ordinary activities at the UK corporation
tax rate of 24.5% (2011: 26.5%) 1,718 1,412 1,494
Tax effect of:
Expenses that are not deductible in determining
taxable profits 68 90 172
Non-taxable gain on disposal of discontinued
operations (848) - -
Different tax rates of subsidiaries operating
in other jurisdictions - (124) (226)
Income not subject to corporation
tax (33) (27) (61)
Expenses not allowable on disposal of discontinued
operations - - (13)
Adjustment for loss relief not
claimed 7 49 15
Adjustment in respect of prior
period 92 5 63
Tax expense for the period 1,004 1,405 1,444
In addition to the amount credited to the income statement, deferred tax relating
to share-based payments amounting to nil has been charged directly to equity
(H1 2011: GBP20,333).
1 January 1 January 1 January
2012 to 2011 to 2011 to
30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Deferred tax
Arising on share-based payments - (20) (26)
Total income tax recognised
directly in equity - (20) (26)
4. Discontinued operations
On 1 February 2012, the Group disposed of its entire holding in Cenkos Fund
Managers Limited, which carried out all of the Group's onshore fund management
activity, for the consideration of GBP1. This operation has an investment
management agreement with an AIM-quoted fund. The fund has been put into run
off and although investment management fees continue to be generated, Cenkos
Fund Managers Limited made a loss in 2011. The disposal was effected in order
to remove the impact of future losses from the Group. The decision to dispose
of Cenkos Fund Managers Limited was taken in November 2011 and as at 31 December
2011, Cenkos Fund Managers Limited was classified as held for sale and as
a discontinued operation, given it was a separate major line of business.
Following a strategic review Cenkos decided that CCIL was not core to Cenkos
business strategy and operations. On 2 April 2012, the Group completed the
disposal of 80% of its 50% holding in CCIL, which carried out all of the Group's
offshore wealth management and stock broking activity, for a consideration
of GBP4 million. This operation is based in the Channel Islands.
The results of the discontinued operations, which have been included in the
consolidated income statement until the date of sale, were as follows:
1 January 1 January 1 January
2012 to 2011 to 2011 to
30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Revenue 1,520 3,440 6,745
Administrative expenses (1,337) (3,096) (6,226)
Operating profit 183 344 519
Investment income - interest
receivable 1 1 6
Interest expense (3) - (1)
Profit before tax 181 345 524
Attributable tax expense (5) 35 93
Gain on disposal of discontinued
operations 2,616 - (184)
Attributable tax expense - - -
Gain on fair value of retained
interest 686 - -
3,478 380 433
Profit after tax for the period from discontinued
operations
---------------- --------------- --------------
Cenkos Cenkos
Channel Fund
Islands Managers
Limited Limited Total
GBP 000's GBP 000's GBP 000's
Cash inflow on sale
Consideration received 4,000 - 4,000
Legal fees (81) (44) (125)
Cash disposed in sale of discontinued operations (2,736) (258) (2,994)
1,183 (302) 881
The major classes of assets and liabilities disposed
of were as follows:
Property, plant and equipment 344 - 344
Trading investments - long positions 56 - 56
Trade and other receivables 35,695 58 35,753
Cash and cash equivalents 2,736 258 2,994
Trade and other payables (35,694) (312) (36,006)
3,137 4 3,141
Adjustment for interest retained in CCIL * (314) - (314)
Adjustment for non-controlling interest in net assets
sold (1,566) (2) (1,568)
Parental share of net assets disposed 1,257 2 1,259
Gain on disposal of discontinued operations and fair
value of interest retained
Consideration received 4,000 - 4,000
Legal fees (81) (44) (125)
Less: Parental share of net
assets disposed (1,257) (2) (1,259)
Gain on disposal of discontinued
operations 2,662 (46) 2,616
Gain on fair value of interest
retained 686 - 686
3,348 (46) 3,302
As Cenkos Fund Managers Limited was sold prior to 30 June 2012, the assets
and liabilities classified as part of a disposal group held for sale as at
31 December 2011 are no longer included in the statement of financial position.
* The adjustment above reflects the 10% interest Cenkos Securities plc retains
in the shares of CCIL. This is classified in the balance sheet as an available-for-sale
financial asset. The shares are quoted on the Channel Islands Stock Exchange
and have been marked to market at a carrying value of GBP1.25 million as at
30 June 2012.
Earnings per share from discontinued operations 1 January 1 January 1 January
2012 to 2011 to 2011 to
30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Basic 4.78p 0.27p 0.19p
Diluted 4.78p 0.27p 0.19p
5. Dividends 1 January 1 January 1 January
2012 to 2011 to 2011 to
30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Amounts recognised as distributions to equity
holders in the period:
Final dividend for the year ended December 2011 of
1p (December 2010: 4p) per share 709 2,850 2,850
Interim dividend for the period to June 2011 of 4p
(June 2010: 2p, November 2010: 2p) per share - - 2,849
709 2,850 5,699
The proposed interim dividend for 30 June 2012 of 3.5p (30 June 2011: 4.0p)
per share was approved by the Board on 25 September 2012 and has not been
included as a liability as at 30 June 2012. The dividend will be payable on
15 November 2012 to all shareholders on the register at 12 October 2012.
6. Earnings per share 1 January 1 January 1 January
The calculation of the basic and diluted earnings
per share is based on the following data: 2012 to 2011 to 2011 to
30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Earnings from continuing and discontinued
operations
The calculation of the basic and diluted earnings per share
is based on the following data:
Earnings
Earnings for the purpose of basic earnings per share
being net profit attributable to equity holders of
the parent 5,920 3,737 3,711
Effect of dilutive potential
ordinary shares:
Share options - - -
Earnings for the purpose of diluted
earnings per share 5,920 3,737 3,711
No. No. No.
Number of shares
Weighted average number of ordinary shares for the
purpose of calculating basic earnings per share 70,963,336 71,252,420 71,250,584
Effect of dilutive potential
ordinary shares:
Share options - 40,500 -
Weighted average number of ordinary shares for the
purpose of calculating diluted earnings per share 70,963,336 71,292,920 71,250,584
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.
The Board has agreed to continue to fund the Company's Employee Benefit Trust
(EBT) so that it can make market purchases in Cenkos Securities plc shares
as and when market conditions allow. During the period, 394,750 ordinary shares
were purchased for an aggregate consideration of GBP226,000. As at 30 June
2012 the EBT held a total of 1,933,500 ordinary shares at an aggregate consideration
of GBP2.41 million, as shown in the table below. These shares are held by
the trust in treasury and have been excluded from the weighted average number
of shares calculation up to this date.
30 June 30 June 31 December
2012 2011 2011
Number of shares held by the Company's EBT
At 1 January 1,583,750 1,518,750 1,518,750
Acquired during the period 349,750 - 65,000
1,933,500 1,518,750 1,583,750
1 January 1 January 1 January
2012 to 2011 to 2011 to
30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Earnings from continuing operations
Earnings for the purpose of basic earnings per share
being net profit attributable to equity holders of
the parent 5,920 3,737 3,711
Adjustment to exclude parent share of discontinued
operations (3,390) (192) (133)
Earnings from continuing operations for the purpose
of basic earnings per share excluding discontinued
operations 2,531 3,545 3,578
Effect of dilutive potential
ordinary shares:
Share options - - -
2,531 3,545 3,578
Earnings from continuing operations for the purpose
of diluted earnings per share excluding discontinued
operations
================ =============== ==============
The denominators used are the same as those detailed above for both basic
and diluted earnings per share from continuing and discontinued operations.
7. Property, plant & equipment
During the period, the Group spent approximately GBP75,694 (30 June 2011:
GBP435,506, 31 December 2011: GBP568,971) on property, plant and equipment.
This mostly related to the cost of IT equipment.
8. Cash and cash equivalents
The cash balance includes GBP0.5 million (30 June 2011: GBP2.3 million, 31
December 2011: GBP0.5 million) held in trust against identified liabilities
of GBP0.5 million (30 June 2011: GBP0.9 million, 31 December 2011: GBP0.5
million) relating to the cancellation of the Company's entire share premium
account on 17 November 2010, which was used to provide distributable reserves
for the Company.
9. Share capital
The issued share capital as at 30 June 2012 amounted to GBP727,771 (30 June
2011: GBP727,711, 31 December 2011: GBP727,711).
10. Financial instruments
Fair value hierarchy
All financial instruments carried at fair value are categorised in three
categories, defined as follows:
Level 1 - Quoted market prices
Level 2 - Valuation techniques (market observable)
Level 3 - Valuation techniques (non-market observable)
As at 30 June 2012, the Group held the following financial instruments measured
at fair value:
30 June 2012
Level Level Level
1 2 3 Total
GBP 000's GBP 000's GBP 000's GBP 000's
Available-for-sale financial
assets 1,250 - - 1,250
Financial assets at FVTPL:
Derivative financial assets - 231 - 231
Non-derivative financial assets held
for trading 6,980 - - 6,980
--------------- ---------------- --------------- --------------
6,980 231 - 7,211
Held to maturity investments 143 - - 143
7,123 231 - 7,354
8,373 231 - 8,604
Financial liabilities at FVTPL:
Non-derivative financial liabilities
held for trading 2,767 - - 2,767
There were no transfers between Level 1 and 2 during the period.
30 June 2011
Level Level Level
1 2 3 Total
Financial assets at FVTPL: GBP 000's GBP 000's GBP 000's GBP 000's
Derivative financial assets - 341 - 341
Non-derivative financial assets held
for trading 9,334 876 - 10,210
--------------- ---------------- --------------- --------------
9,334 1,217 - 10,551
Held to maturity investments 181 - - 181
9,515 1,217 - 10,732
9,515 1,217 - 10,732
Financial liabilities at FVTPL:
Non-derivative financial liabilities
held for trading 3,049 - - 3,049
There were no transfers between Level
1 and 2 during the period. 31 December 2011
Level Level Level
1 2 3 Total
Financial assets at FVTPL: GBP 000's GBP 000's GBP 000's GBP 000's
Derivative financial assets - 103 - 103
Non-derivative financial assets held
for trading 9,952 - - 9,952
--------------- ---------------- --------------- --------------
9,952 103 - 10,055
Held to maturity investments 208 - - 208
10,160 103 - 10,263
10,160 103 - 10,263
Financial liabilities at FVTPL:
Non-derivative financial liabilities
held for trading 2,539 - - 2,539
There were no transfers between Level 1, 2 and 3 during the period.
There have been no changes in the classification of the financial assets as
a result of a change in the purpose or use of those assets.
11. Contingent liabilities
A cash-settled shadow equity scheme was set up in 2009 for the Cenkos team
based in Edinburgh. The Company re-organised this office in the second half
of 2010 resulting in the cessation of this arrangement and a number of staff
leaving the Company. A provision for this re-organisation was established
in 2010 to cover any resultant liabilities. The Company remains in dispute
with a former member of staff on this issue. This former member of staff has
issued a High Court writ against the Company, claiming GBP3.04m. After taking
legal advice, the Board believes that the size of this claim is excessive
and that an appropriate provision has already been made for potential liabilities
due. The Company intends to defend any such claim vigorously.
As noted in our 2011 Annual Report and Financial Statements, certain underlying
clients of CCIL had exposure to MF Global UK Limited when that company entered
the Special Administration Regime on 31 October 2011. These exposures were
subsequently settled in August 2012 with no material financial impact on CCIL
or Cenkos.
12. Related party transactions.
Transactions with related parties are made at arm's length. Transactions or
balances between the Company and its subsidiaries, which are related parties
have been eliminated on consolidation and, in accordance with IAS 24, are
not disclosed in this note. There have been some changes to related parties
during the six months to 30 June 2012. A number of these related parties were
appointed to the Board of Cenkos in June 2012. The Board now includes all
employees considered to be key management personnel.
The compensation of the key management personnel of the Group (including the
Directors) and their interests in the shares and options over the shares of
Cenkos Securities plc were as follows:
1 January 1 January 1 January
2012 to 2011 to 2011 to
30 June 30 June 31 December
2012 2011 2011
GBP 000's GBP 000's GBP 000's
Aggregate emoluments 924 3,691 5,904
The fall in aggregate emoluments between H1 2011 and H1 2012 reflects
timing differences associated with the payment of performance related
pay. There were no Directors who were members of any Company pension
scheme as at the period end (2011: none).
Related party interests in ordinary and B shares
of Cenkos Securities plc
30 June 30 June 31 December
2012 2011 2011
No. No. No.
Number of shares 14,526,430 9,004,362 14,679,362
Percentage interest 20% 12% 20%
Related party interests in share 1 January 2012 1 January 2011 1 January 2011
options to to to
30 June 2012 30 June 2011 31 December 2011
Number Weighted Number Weighted Number Weighted
average average average
exercise exercise exercise
price price price
Outstanding at beginning of
the year 2,793,828 1.18 4,220,874 1.33 4,220,874 1.33
Adjustment arising from the
reclassification of related
parties (2,615,118) 1.15 - - - -
Granted / (lapsed) during the
period 1,000,000 1.00 - - (1,427,046) 1.61
-------------------- --------------- ---------------
Outstanding at the end of the
year 1,178,710 1.10 4,220,874 1.33 2,793,828 1.18
Among the Group's transactions with key management personnel as of 30 June
2012 were loans of GBP507,600 relating to the B shares in the Company (2011:
GBP664,924). There were no other outstanding balances or bad debt provisions
for any related party balances as at 30 June 2012, and no related party balances
have been written off during the period (2011: nil).
13. Events after the reporting
period
Aside from the settlement of CCIL's clients' exposure to MF Global UK Limited
(see note 11 above), there were no material events to report on that occurred
between the balance sheet date and the date at which the Directors signed
this Interim Report.
Officers and professional advisors
Directors
Gerry
Aherne
Mike
Chilton
Jim Durkin
Jeff
Hewitt
Paul (Non-executive Chairman)
Hodges (Finance Director)
Dr Anthony (Chief Executive
Hotson Officer)
Joe Nally (Non-executive Director)
Jeremy (Executive Director)
Warner (Non-executive Director)
Allen (Executive Director)
(Executive Director)
Company
Secretary Stephen Doherty
Financial
Calendar
March Year end results announced
April Final dividend paid
September Half year results announced
November Interim dividend paid
Auditors
Company Registration Number and Ernst & Young LLP
Country of Incorporation 1 More London Place
05210733, England & Wales London
SE1 2AF
Registered Office
6.7.8 Tokenhouse Yard Registrars
London Capita Registrars
EC2R 7AS The Registry
34 Beckenham Road
Bankers Beckenham Road
HSBC Kent
West End Corporate Banking Centre BR3 4TU
70 Pall Mall
London Nominated Adviser and Broker
SW1Y 5EZ HSBC
8 Canada Square
Solicitors London
Travers Smith E14 5HQ
10 Snow Hill
London Website
EC1A 2AL www.cenkos.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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