TIDMCNKS
RNS Number : 2081F
Cenkos Securities PLC
18 March 2022
18 March 2022
Cenkos Securities plc
Annual Results for the year ended 31 December 2021
Cenkos Securities plc (the "Company" or "Cenkos" or the "Firm"),
the independent institutional stockbroking firm, today announces
its results for the year ended 31 December 2021.
Cenkos' shares are admitted to trading on the AIM market of the
London Stock Exchange ("LSE"). The Company is authorised and
regulated by the Financial Conduct Authority ("FCA") and is a
member of the LSE.
Highlights 31-Dec-21 31-Dec-20 change
------------------------------------------------ ---------- ---------- ------------
GBP31.7
Revenue GBP37.2 m m + 18%
GBP4.0
Underlying profit (1) GBP5.9 m m + 47%
GBP2.3
Profit before tax GBP4.0 m m + 75%
Profit after tax GBP3.4m GBP1.8m + 88%
GBP32.7
Cash GBP33.5 m m + GBP0.7m
Net assets GBP27.0m GBP25.6m + GBP1.4m
Basic earnings per share 7.1p 3.7p + 91%
Full year dividend per share paid and proposed
(2) 4.25p 3.5p + 21%
(1) Underlying profit is profit before restructuring costs and
charges related to the Cenkos Incentive Plan and tax.
(2) Includes a proposed final dividend of 3.0p (2020: 2.5p)
Outlook:
The broadly positive conditions from 2021 are not taken for
granted as we turn our attention to 2022. The war in Ukraine with
its horrendous personal cost to those involved is having a
significant effect on global economies and markets. The lingering
effects of COVID-19 on the labour market and supply chains could
also impact growth and market recovery.
Despite the macro environment, we remain confident in our
business model and our track record of successful fundraising at
every stage of the market cycle. Indeed, we have started the year
well having already completed three IPOs, four placings and two
M&A transactions in the first 10 weeks of 2022.
Julian Morse, Chief Executive Officer, commented: "2021
demonstrated the strength of Cenkos' business model with revenues
up 18% to GBP37.2m (from GBP31.7m), underlying profit up 47% to
GBP5.9m (from GBP4.0m) profit before tax rising 74% to GBP4.0m
(from GBP2.3m) and EPS up 92% to 7.1p (from 3.7p). This performance
was driven by an increase in transactions, with our teams
completing 34 in the period, raising over GBP1.2bn for clients.
During the year, we have added 17 new companies to our client list.
Our investment company and trading company client base is well
spread across multiple sectors and UK and other geographies. During
2021 we supported a diverse range of companies raising money on the
equity markets, from builders' merchants and music royalty
businesses to smart fabrics and oncology diagnostics. With a broad
pool of knowledgeable, committed investors, we partner with our
clients to articulate investment cases and reduce risk in the
fundraising process."
This announcement contains certain inside information for the
purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Enquiries:
Cenkos Securities plc
Julian Morse - Chief Executive +44 20 7397
Officer 8900
Nominated Adviser
Spark Advisory Partners Limited
Matthew Davis +44 20 3368 3550
Public Relations
The Nisse Consultancy
Jason Nisse +44 7769 688618
Andrew Garfield +44 7974 982337
Chairman's statement
2021 was another strong year for Cenkos, as set out in more
detail in the Chief Executive Officer's statement. The year also
marked the handover of the Chief Executive Officer's role from Jim
Durkin to Julian Morse, previously Head of Growth Companies. Jim
retired in May 2021, having successfully led the Company for many
years, over two stints as Chief Executive Officer, and I would like
to thank him on behalf of the Firm and our shareholders for his
dedication and commitment to ensuring Cenkos was transferred to the
current leadership team on a firm footing.
I am pleased to report that Julian Morse, Chief Executive
Officer and Jeremy Osler, Executive Director and Co-Head of
Corporate Finance, were both appointed to the Board in the first
half of the year, following FCA approval. Both Julian and Jeremy
are already making an important difference to the culture,
governance and performance of the Firm.
During the year, the Board made excellent progress in
implementing its strategic plan to build a strong, market leading
institutional stockbroking firm, with a focus on client service.
The merit of this strategy has already become evident in the 2021
results, which saw strong growth in revenue and profitability.
Importantly, we have also been able to attract bright talent to the
Firm, with 18 new hires made during the year, including from the
large investment banks and professional services firms. This has
enhanced our growing reputation for quality service and the ability
to execute successfully on behalf of our clients. A firm of our
size depends entirely on reputation, and we are focussed on
building and sustaining our standing as the first-choice partner
for growth to ambitious companies seeking equity capital.
At the heart of this strategy is a 'team of teams' operating
structure which leverages our dual strengths in Corporate Finance
and Broking, together with driving increased collaboration across
our sector specialisms. This 'team of teams' approach is reflected
in the senior management leadership, which has been drawn from both
sides of the business, to increase synergies and build on our core
strengths across the whole Firm. This synergistic approach has been
reflected in a reformed Executive Committee (Exco) focussed on
firm-wide business development as well as governance. Our
streamlined growth strategy has also resulted in the appointment of
a Head of Business Development and the implementation and the
deployment of a new CRM system, designed to deliver increased
performance and service levels across the firm.
I wrote last year about the importance of culture and employee
engagement, and I was highly encouraged to see very positive
feedback in our 2021 employee survey. Our Firm is only as good as
our people and, therefore, we are committed to engaging openly and
working with our colleagues to continue to drive Cenkos forward.
Therefore, we will be carrying out this exercise every six
months.
I continue to firmly believe in AIM as the destination of choice
for ambitious companies. Cenkos can rightly claim a leading adviser
position on AIM and we are committed to continuing to source and
create high quality investment opportunities for the benefit of our
clients, shareholders and employees.
Finally, as the world hopefully exits the lengthy pandemic
period, we enter an equally challenging environment with economic
uncertainty created by the war in Ukraine. However, I am confident
that Cenkos will continue to make progress by seizing the
opportunities for growth and by working as a team to successfully
navigate any potential market headwinds we face in 2022.
I would like to thank all our employees, our corporate and
institutional clients, and our shareholders for their support and
look forward to being able to report further progress as the year
unfolds.
Lisa Gordon
Non-executive Chairman
Chief Executive Officer's statement
I am pleased to report that a continued focus on client service
levels, recruiting and retaining quality talent and a disciplined
approach to costs have enabled us to thrive during 2021. In what
remained unchartered social and economic times, these remained the
foundation from which we supported our clients and colleagues to
achieve their aims. We continue towards our objective of being the
first-choice partner for growth to ambitious companies seeking
equity capital.
I would like to thank all of our colleagues for their continued
drive and determination. These results are a testament to their
continued hard work.
Financial resilience
2021 demonstrated the strength of Cenkos' business model with
revenues up 18% to GBP37.2m (from GBP31.7m) underlying profit up
47% to GBP5.9m (from GBP4.0m) and EPS up 92% to 7.1p (from 3.7p).
This performance was driven by an increase in transactions, with
our teams completing 34 in the period, raising over GBP1.2bn for
clients. Particularly pleasing were the two IPOs completed. We
continue to maintain a healthy balance sheet and capital levels
prudently above our regulatory minimums. We see this resilience as
a key advantage as we move ahead with our strategic objectives.
A shift to quality
Looking back, 2021 was a strong year for AIM with over GBP8.7bn
raised across IPOs and secondary fundraises; the highest amount
since 2007. Trading on AIM was equally strong with a record total
number of trades placed in a 12-month period (20.3m) and more than
GBP394m of value traded on average across the market each day. The
figures paint a healthy picture of AIM as a home for exciting,
growing companies. AIM saw a slight increase in the number of
companies in 2021. This is the first time since 2014 and, paired
with general levels of activity, we believe this represents a
gradual shift towards quality, with stronger, well-run companies at
the heart of it. Particularly amongst our investment company
contacts, we also see growing interest in the alternatives sector,
with innovative proposals under consideration. With depth of
expertise and an integrated approach across Corporate Finance,
Research, Sales and Trading, these are trends that Cenkos is well
placed to take advantage of.
Partners for growth
During the year, we have added 17 new companies to our client
list. Our investment company and trading company client base is
well spread across multiple sectors and the UK and other
geographies. This year we have supported a diverse range of
companies, from builders' merchants and music royalty businesses to
smart fabrics and oncology diagnostics. With a broad pool of
knowledgeable, committed investors, we partner with our clients to
articulate investment cases and reduce risk in the fundraising
process.
It is this variety that makes for a dynamic working environment.
As we look to emerge from the disruption of the past couple of
years, these ambitious companies will help drive the economic
recovery. Levelling up and entrepreneurial opportunities sit at the
heart of Cenkos and its ethos.
Our people
Cenkos is as strong as its people and we are proud to have
launched a firm wide TSR based share incentive scheme for all
colleagues to become owners of Cenkos and participate in its
success. We believe that ownership amongst our colleagues is
essential in incentivising long-term thinking and creating a sense
of ownership.
With 18 new hires across the Firm during the year, we continue
to strengthen our talent pool and have continued to build on this
in 2022. Central to our strategy going forward is to maintain our
high level of staff ratio to clients. By concentrating on service
level, quality of advice and research we act as an effective link
between corporates and investors, creating a virtuous circle.
We emerge from the global pandemic a more flexible, agile
business. We continue to offer our colleagues the opportunity to
work in the office or from home, always subject to the arrangements
working to the best interests of our clients and the markets more
generally. We recognise the importance of retaining the valuable,
sometimes intangible, benefits of face-to-face collaboration.
Our focus is to create an entrepreneurial working environment
suitable for 2022 and beyond. Diversity of thought and an inclusive
approach will ensure we remain a compelling choice for talent and
clients alike. Naturally, we consider how we operate and our impact
as a corporate citizen. Sustainability and the wider ESG journey,
is a very important topic for us as a business and increasingly one
we guide our clients on too.
We understand that providing an environment that colleagues find
attractive and enjoyable to work in will lead to sustainable growth
for our business and clients alike. We have invested in systems and
training to ensure high service levels are maintained in an
operationally resilient and risk aware way.
Dividend policy
The Board continues to reinvest into the Firm and looks to
return significant shareholder value by establishing a level of
consistency to its dividend payments while exploring other
potential returns of excess capital as appropriate to its capital
and liquidity requirements. The Board is confident in the Company's
strong capital position and encouraged by its strategic direction
and so is pleased to announce a final dividend of 3.0p per share
(2020: 2.5p per share) which results in a total dividend for the
year of 4.25p per share (2020: 3.5p per share).
Looking ahead
The broadly positive conditions from 2021 are not taken for
granted as we turn our attention to 2022. The war in Ukraine with
its horrendous personal cost to those involved is having a
significant effect on global economies and markets. The lingering
effects of COVID-19 on the labour market and supply chains could
also impact growth and market recovery.
Despite the macro-environment, we remain confident in our
business model and our track record of successful fundraising at
every stage of the market cycle. Indeed, we have started the year
well having already completed three IPOs, four placings and two
M&A transactions in the first 10 weeks of 2022.
We strongly believe in supporting growing companies to access
the capital markets and believe these markets remain attractive to
good quality companies. The ability to maintain access to quality
capital in periods of uncertainty will mark Cenkos out from the
pack.
Julian Morse
Chief Executive Officer
17 March 2022
Income statement
For the year ended 31 December 2021
2021 2020
GBP 000's GBP 000's
============================================== ========== ==========
Continuing operations
============================================== ========== ==========
Revenue 37,225 31,654
================================================== ========== ==========
Other operating (expense)
/ income (87) 259
Administrative expenses (33,034) (29,514)
Operating profit 4,104 2,399
================================================== ========== ==========
Investment income -
interest income 17 30
==================================================
Finance costs - interest on
lease liability (171) (176)
Profit before tax from continuing operations
for the year 3,950 2,253
================================================= ========== ==========
Tax (552) (449)
Profit after tax for
the year 3,398 1,804
-------------------------------------------------- ---------- ----------
Attributable to:
============================================== ========== ==========
Equity holders of Cenkos
Securities plc 3,398 1,804
Basic earnings per share 7.1p 3.7p
================================================== ========== ==========
Diluted earnings per
share 6.0p 3.3p
================================================== ========== ==========
Statement of comprehensive income
For the year ended 31 December 2021
2021 2020
GBP 000's GBP 000's
Profit for the year 3,398 1,804
================================================= ========== ==========
Amounts that will not be recycled to income
statement in future periods
================================================ ========== ==========
Loss on FVOCI financial
asset - (35)
================================================= ========== ==========
Tax on FVOCI financial
asset - 6
Other comprehensive losses - (29)
---------------------------------------------- ---------- ----------
Total comprehensive income for
the year 3,398 1,775
---------------------------------------------- ---------- ----------
Attributable to:
Equity holders of Cenkos
Securities plc 3,398 1,775
------------------------------------------------- ---------- ----------
Statement of financial position
As at 31 December 2021
2021 2020
GBP 000's GBP 000's
Non-current assets
=============================== ========== ==========
Property, plant and equipment 398 382
=================================== ========== ==========
Right-of-use assets 3,577 4,059
=================================== ========== ==========
Intangible asset - 33
=================================== ========== ==========
Deferred tax asset 1,154 727
=================================== ========== ==========
Investments in subsidiary
undertakings 1 1
5,130 5,202
=============================== ========== ==========
Current assets
=============================== ========== ==========
Trade and other receivables 10,547 12,993
=================================== ========== ==========
Other current financial
assets 7,231 5,312
=================================== ========== ==========
Cash and cash equivalents 33,457 32,735
51,235 51,040
------------------------------- ---------- ----------
Total assets 56,365 56,242
----------------------------------- ---------- ----------
Current liabilities
=============================== ========== ==========
Trade and other payables (23,027) (24,520)
=================================== ========== ==========
Other current financial
liabilities (1,915) (1,011)
(24,942) (25,531)
------------------------------- ---------- ----------
Net current assets 26,293 25,509
=================================== ========== ==========
Non-current liabilities
=============================== ========== ==========
Trade and other payables (4,436) (5,086)
Total liabilities (29,378) (30,617)
----------------------------------- ---------- ----------
Net assets 26,987 25,625
----------------------------------- ---------- ----------
Equity
=============================== ========== ==========
Share capital 567 567
=================================== ========== ==========
Share premium 3,331 3,331
=================================== ========== ==========
Capital redemption reserve 195 195
=================================== ========== ==========
Own shares (8,360) (6,607)
=================================== ========== ==========
FVOCI reserve (170) (170)
=================================== ========== ==========
Retained earnings 31,424 28,309
Total equity 26,987 25,625
----------------------------------- ---------- ----------
The financial statements were approved by the Board of Directors
and authorised for issue on 17 March 2022.
They were signed on its behalf by:
Julian Morse
Chief Executive Officer
17 March 2022
Registered Number: 05210733
Cash flow statement
For the year ended 31 December 2021
2021 2020
GBP 000's GBP 000's
Profit for the year 3,398 1,804
=============================================================== ========== ==========
Adjustments for:
=========================================================== ========== ==========
Investment income - interest
income (17) (30)
=============================================================== ========== ==========
Finance costs - interest
on lease liability 171 176
=============================================================== ========== ==========
Tax expense 552 449
=============================================================== ========== ==========
Depreciation of property, plant and equipment,
ROU assets and intangible asset 649 691
============================================================== ========== ==========
Shares and options received
in lieu of fees (1,820) (11)
=============================================================== ========== ==========
Share-based payment expense 2,920 2,395
Operating cash inflow before movements in working capital 5,853 5,474
=============================================================== ========== ==========
Decrease in net trading investments and
FVOCI financial assets 804 2,867
============================================================= ========== ==========
Decrease in trade and other receivables 2,459 468
============================================================ ========== ==========
(Decrease) / Increase in trade and other
payables (1,742) 8,301
Net cash inflow from operating activities before interest
and tax paid 7,374 17,110
=============================================================== ========== ==========
Tax paid (783) (99)
Net cash inflow from operating activities 6,591 17,011
=============================================================== ========== ==========
Investing activities
=========================================================== ========== ==========
Interest received 4 24
=============================================================== ========== ==========
Purchase of property, plant and
equipment (150) (41)
============================================================ ========== ==========
Net cash outflow from investing activities (146) (17)
=============================================================== ========== ==========
Financing activities
=========================================================== ========== ==========
Landlord incentive received as part of lease
arrangement 500
============================================================== ========== ==========
Rent paid under lease
arrangement (754) (117)
=============================================================== ========== ==========
Dividends paid (1,922) (1,027)
=============================================================== ========== ==========
Proceeds from sale of shares to employees on
dividend reinvestment 20 12
============================================================== ========== ==========
Acquisition of own shares (3,067) (1,960)
Net cash used in financing activities (5,723) (2,592)
Net increase in cash and cash equivalents 722 14,402
--------------------------------------------------------------- ---------- ----------
Cash and cash equivalents at beginning of year 32,735 18,333
--------------------------------------------------------------- ---------- ----------
Cash and cash equivalents
at end of year 33,457 32,735
--------------------------------------------------------------- ---------- ----------
Statement of changes in equity
For the year ended 31 December 2021
Equity attributable to equity holders
====================================================================================
Capital Own shares
Share Share redemption held FVOCI Retained
capital premium reserve in treasury reserve earnings Total
GBP GBP
000's GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's 000's
At 1 January 2020 567 3,331 195 (5,436) (141) 26,142 24,658
================================ ========= ========== ============ ============= ========== ========== ========
Profit for the year - - - - - 1,804 1,804
================================ ========= ========== ============ ============= ========== ========== ========
Loss on FVOCI financial
assets net of tax - - - - (29) - (29)
Total comprehensive income
for the year - - - - (29) 1,804 1,775
================================ ========= ========== ============ ============= ========== ========== ========
Issue of shares to employees
on dividend reinvestment - - - 13 - - 13
================================ ========= ========== ============ ============= ========== ========== ========
Transfer of shares from
share plans to employees - - - 776 - (776) -
================================ ========= ========== ============ ============= ========== ========== ========
Acquisition of own shares - - - (1,960) - - (1,960)
================================ ========= ========== ============ ============= ========== ========== ========
Credit to equity for
equity-settled
share-based payments - - - - - 2,166 2,166
================================ ========= ========== ============ ============= ========== ========== ========
Dividends paid - - - - - (1,027) (1,027)
At 31 December 2020 567 3,331 195 (6,607) (170) 28,309 25,625
================================ ========= ========== ============ ============= ========== ========== ========
Balance at 1 January 2021 567 3,331 195 (6,607) (170) 28,309 25,625
-------------------------------- --------- ---------- ------------ ------------- ---------- ---------- --------
Profit for the year - - - - - 3,398 3,398
================================ ========= ========== ============ ============= ========== ========== ========
Loss on FVOCI financial
assets net of tax - - - - - - -
================================ ========= ========== ============ ============= ========== ========== ========
Total comprehensive income
for the year - - - - - 3,398 3,398
================================ ========= ========== ============ ============= ========== ========== ========
Issue of shares to employees
on dividend reinvestment - - - 12 - 8 20
================================ ========= ========== ============ ============= ========== ========== ========
Transfer of shares from
share plans to employees - - - 1,302 - (1,302) -
================================ ========= ========== ============ ============= ========== ========== ========
Acquisition of own shares - - - (3,067) - - (3,067)
================================ ========= ========== ============ ============= ========== ========== ========
Credit to equity for
equity-settled
share-based payments - - - - - 2,839 2,839
================================ ========= ========== ============ ============= ========== ========== ========
Deferred tax on share-based
payments - - - - - 94 94
================================ ========= ========== ============ ============= ========== ========== ========
Dividends paid - - - - - (1,922) (1,922)
At 31 December 2021 567 3,331 195 (8,360) (170) 31,424 26,987
================================ ========= ========== ============ ============= ========== ========== ========
Notes to the financial statements
1. Accounting policies
General information
Cenkos Securities plc is a public company limited by shares
incorporated in England, United Kingdom under the Companies Act
2006 (Company Registration No. 05210733). The financial information
contained within this announcement does not constitute statutory
accounts for the year ended 31 December 2021 within the meaning of
Section 434 of the Companies Act 2006, but is derived from those
audited accounts. The auditors reported on those accounts and their
report was unqualified and did not contain any statement under
section 498(2) or section 498(3) of the Companies Act 2006. The
statutory accounts for the year ended 31 December 2021 will be
delivered to the Registrar of Companies in due course. The annual
report and audited statutory accounts will be sent to shareholders
and will be made available to the public on the Company's website:
www.cenkos.com or, upon request, copies may be obtained from the
Company Secretary at the registered office of Cenkos Securities
plc, 6.7.8. Tokenhouse Yard, London, EC2R 7AS. The Company's Annual
General Meeting will be held on 11 May 2022.
The financial information contained within these financial
statements has been prepared on the historical cost basis, except
for the revaluation of certain financial instruments.
Going concern
The Company's business activities, together with the factors
likely to affect its future development and performance, the
financial position of the Company, its cash flows, capital and
liquidity position are set out in the Strategic report on pages 1
to 18 of the Annual Report.
The broadly positive market conditions, heightened activity and
stability seen in 2021, despite the ongoing COVID-19 pandemic,
continued into 2022, with Cenkos being appointed by several new
clients and completing a number of transactions including three
IPOs. While the removal of remaining restrictions on individuals
and businesses related to the pandemic were positive signs, looking
ahead, the war in Ukraine and global sanctions which continue to be
applied to entities and individuals connected with the Russian
Federation, in the short term at least mean it is unlikely we will
see these conditions continue. Although Cenkos has no direct links
to the Russian Federation, it is reliant on the health of financial
markets and investor sentiment. There are signs of a cooling in
global markets as the war in Ukraine and lingering effects of
COVID-19 continue to affect the labour market and supply chains,
which in turn is stoking inflation. Along with the UK's departure
from the European Union and the impact of climate change, all have
the potential to detrimentally impact investor sentiment and the
health of the financial markets. For Cenkos, this could result in a
reduction in fees generated from placing and corporate finance and
a decline in fair values of listed and unlisted equities, options
and warrants. This has been considered when conducting the impact
analysis as part of the going concern assessment. Cenkos'
Compliance team has also undertaken a review of our client base,
including the links between our corporates, their boards,
shareholders and operations with to the Russian Federation. Whilst,
we are aware of a small number of clients who are or may be
impacted by evolving global sanctions regimes, we believe this will
have only limited indirect impact on Cenkos and its revenue.
In order to mitigate the risk associated with fluctuations in
the financial markets, the Company operates a flexible business
model which links risk adjusted variable remuneration to corporate
performance. Fixed costs are kept low and controlled, providing a
strong foundation. Cenkos is not reliant on external borrowings but
is funded entirely by share capital and retained earnings. The
business is not capitally intensive. The trading book is tightly
controlled by book limits and, apart from shares received in lieu
of fees, is held for market making purposes or to facilitate client
business. Cenkos has a positive cash cycle and does not run any
liquidity mismatches. Cash is the largest asset on the statement of
financial position and consequently its exposure to credit risk is
largely due to its bank deposits before risk weighting.
Management has also performed an impact analysis as part of its
going concern assessment using information available to the date of
issue of these financial statements. As part of this analysis, a
number of adverse scenarios have been modelled to assess the
potential impact on the Company's revenue streams, in particular
corporate finance fees, and on asset values, liquidity and capital
adequacy. In addition, a reverse stress test has been modelled to
assess the stresses the balance sheet has to endure before there is
a breach of the relevant regulatory capital requirement or
insufficient cash resources and includes an assessment of any
relevant mitigations management has within their control to
implement. Having performed this analysis, management believes
regulatory capital requirements continue to be met and the Company
has sufficient liquidity to meet its liabilities for the next 12
months and that the preparation of the financial statements on a
going concern basis remains appropriate as the Company expects to
be able to meet its obligations as and when they fall due for the
foreseeable future.
Basis of accounting
The Company's financial statements are properly prepared in
accordance with UK adopted International Accounting Standards. As
the Company has no material subsidiaries, the financial statements
presented are for the Company only.
2. Dividends
Amounts recognised as distributions to equity holders in the
year:
2021 2020
GBP 000's GBP 000's
============================================================== ========== ==========
Amounts recognised as distributions to equity holders
in the year:
============================================================== ========== ==========
Final dividend for the year ended 31 December 2020 of
2.5p (2019: 1.0p) per share 1,280 515
============================================================== ========== ==========
Interim dividend for the period to 30 June 2021 of 1.25p
(June 2020: 1.0p) per share 642 512
-------------------------------------------------------------- ========== ==========
1,922 1,027
---------------------------------------------------------- ---------- ----------
A final dividend of 3.0p per share has been proposed for the
year ended 31 December 2021 (2020: 2.5p). The proposed final
dividend is subject to approval at the Annual General Meeting and
is not recognised as a liability as at 31 December 2021.
The final dividend will be paid on 23 June 2022 to the
shareholders on the register at 27 May 2022, subject to approval at
the Annual General Meeting to be held on 11 May 2022.
3. Events after the reporting period
There were no material events to report on that occurred between
31 December 2021 and the date at which the Directors signed the
Annual Report.
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