Cenkos Securities PLC Deferral of publication of results and COVID 19 (6588I)
03 4월 2020 - 3:00PM
UK Regulatory
TIDMCNKS
RNS Number : 6588I
Cenkos Securities PLC
03 April 2020
3 April 2020
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Cenkos Securities plc
("Cenkos" or the "Company")
Deferral of publication of results and COVID 19
Cenkos intended to announce its results for the year ended 31
December 2019, by the end of March 2020. The audit of its results
is substantially complete but, following the request from the
Financial Conduct Authority and the Financial Reporting Council for
listed companies to delay the reporting of their financial results,
and following advice from its auditors, Ernst & Young LLP, the
Board has deferred the announcement of its audited results. A
further announcement will be made in due course.
When released, the audited results are expected to be in line
with the trading update issued on 18 February 2020. As previously
reported, following the unfavourable market backdrop in 2019
(before COVID 19), the Board had implemented steps to reduce the
Company's cost base. As a result, Cenkos' annual fixed cost base
today is anticipated to be more than GBP3.0 million lower than in
2019. The Board will continue to take action to reduce costs and
minimise the financial impact of the uncertainty caused by COVID
19. The Company has a strong balance sheet, with cash resources of
GBP23.8m as at 01 April 2020, and other financial resources well in
excess of its regulatory requirements. The Company was profitable
for the second half of 2019 and expects to report a small profit
for the year ended 31 December 2019.
Cenkos responded to COVID 19 promptly and successfully
implemented a comprehensive remote working capability, which has
enabled us to ensure both the wellbeing of our staff and the
ability to continue servicing our clients during this period of
uncertainty. The Company is fully operational and continues to
operate as normal. Due to the quality and flexibility of our people
and the strengths of our business, our ability to attract and win
new high-quality corporate clients remains strong. We continue to
sign up quality clients, having added one this week, along with a
number in the pipeline, and have the capacity to add many more to
our stable.
Cenkos continues to service and raise funds for its clients and
completed a number of fund raisings in March, including the IPO of
FRP Advisory Group plc, the largest company to IPO on AIM this
year. Even during these unprecedented times, last week, we
undertook a secondary fund raising for Arena Events Group plc (at a
premium to the prevailing market price) and expect to undertake
further capital raisings as we aim to consolidate our position as
the largest fundraising NOMAD (ex-Real Estate) on AIM.
We are continuing to work closely with our corporate clients to
assess the impact of COVID 19 and the disruption that many of them
are currently experiencing. Our aim is to support all corporate and
institutional clients during these unprecedented times and where
possible assist our corporate clients in protecting their
businesses and continuing to implement their strategies.
For further information, please contact:
Cenkos Securities plc Tel: 0207 397 8900
Jim Durkin, Chief Executive
Officer
SPARK Advisory Partners Limited Tel: 0203 368 3552
Matt Davis, Nominated Adviser
Buchanan Communications Tel: 0207 466 5066
David Rydell, PR Adviser
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDFLFEDSFIFIII
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April 03, 2020 02:00 ET (06:00 GMT)
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