Cenkos Securities PLC (AIM:CNKS) said revenue so far in 2023 is ahead of last year, when revenues were flattened by the lowest level of money raised on AIM in two decades and the lowest IPOs since 1995.
Revenue for calendar year 2022 is expected to be roughly £20mln, with breakeven achieved at an underlying profit level and the closing balance sheet and cash position described as “strong”.
The institutional broker said it focused on gaining market share amid the depressed market conditions and managed to complete the three largest AIM IPOs by new money raised during the course of the year and was in the Nomad or broker role for fundraisings representing 15% of the AIM total for the year.
There were 17 new clients added during the year, to bring retained corporate clients total to 105.
Looking into the new year, while conditions were said to remain “challenging” with an uncertain outlook, markets have been more encouraging.
Revenue for January was ahead of the average run rate in the second half of 2022, with four placings and one M&A transaction completed so far this year.
Cenkos reported a “growing pipeline of future transactions and clients continuing to engage on both capital raising and M&A opportunities”.
“We remain focused on our operational stability and resilience, maintaining the strength of our balance sheet and regulatory capital position and growing our market share and are well placed to benefit from any increased market activity,” the company said.