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Broker Cenkos still ‘operating as normal’ from home amid coronavirus lockdown

One new client was added this week, with “a number in the pipeline”, while fundraisings in March are expected to be followed by more in coming weeks

Cenkos Securities -

Cenkos Securities PLC (LON:CNKS) said its corporate finance staff working from home through the coronavirus lockdown have signed up new clients and completed fundraisings for existing clients in recent weeks.

The stockbroker said it aimed to consolidate its position as the largest fundraising Nomad on AIM, excluding real estate.

In a trading statement acting as a placeholder for its final results due to the Financial Conduct Authority’s call for a temporary coronavirus moratorium, Cenkos said it was profitable for the second half of 2019 and “expects to report a small profit” for the past calendar year.

There were cash resources of £23.8mln as at 1 April, while the broker’s other financial resources are “well in excess of its regulatory requirements”, it said.

After enacting a remote working capability in response to the coronavirus outbreak, the group said it still was signing up “quality clients”, with one added this week and “a number in the pipeline”, as well as completing a number of fundraisings in March and saying “we expect to undertake further capital raisings” in coming weeks.

Amid reports about the hardships and expected widescale collapses of small business from the effects of the pandemic, Cenkos said it was “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.”

Cenkos shares rose 9% to 43p on Friday morning, down 25% in the year to date.

Quick facts: Cenkos Securities

Price: 48.5 GBX

AIM:CNKS
Market: AIM
Market Cap: £27.5 m
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