Full year results from stockbroker and corporate finance group Cenkos Securities (LSE: CNKS) spurred shares in the company higher this morning. Revenues for the year ended 31 December 2008 did plunge from £53.8 million in 2007 to £28.3 million in 2008, but the company still recorded a profit before tax of £5.1 million. Compared to several other small and midcap focused brokers, posting any profit in 2008 is something of a miracle.
Basic earnings per share came in at 4.9 pence (2007: 22.6 pence) and the final dividend will be 5 pence per share, compared to 12 pence last year.
Andrew Stewart, Chief Executive Officer of Cenkos Securities said that the company was well positioned to take advantage of the carnage in its sector:
"We are experiencing market and economic conditions the like of which I have not seen before. The weak have been found wanting and the strong have been severely tested. Cenkos, due to its robust business model and the quality, dedication and experience of our employees has survived, weather beaten but intact.
I do not anticipate that these global conditions will change in the near future. I believe, however, that Cenkos is well positioned to take advantage of the fall-out that has resulted."
Cenkos Securities ended the year as nominated advisor or corporate broker to 55 companies, up from 45 a year earlier.