Directorate Change & Trading Update

RNS Number : 7613I

Cenkos Securities PLC

12 August 2019

 

12 August 2019

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Cenkos Securities plc

("Cenkos" or the "Company")

Appointment of Jim Durkin as the Chief Executive Officer

Further to our announcement of 15 May 2019, the Board is pleased to announce that Jim Durkin has received regulatory approval from the FCA for the positions of Executive Director and Chief Executive Officer of the Company, accordingly Jim will take up these roles with immediate effect.

Anthony Hotson, the Company's current Chief Executive Officer, had previously agreed to stand down from the Board upon his successor receiving regulatory approval from the FCA.  Accordingly, Anthony will stand down from the Board with immediate effect.

Jeff Hewitt, Acting Non-executive Chairman, commented:

"We welcome Jim back to the Company and have every confidence in Jim in leading the Company going forward. Jim is well placed to undertake the role having previously been actively involved in the successful management of the Company.

We also thank Anthony for his commitment and contribution to the Company as the Chief Executive Officer and wish him well in the future".

Trading Update

As reported in our AGM Statement in May, the first quarter of 2019 was disappointing as market volatility had a significant impact upon investor sentiment. Although a slight improvement was recorded in the second quarter, the Company's revenues in the first six months have been lower than the first half of last year.  The Company's revenues are anticipated to be substantially second half weighted.

We are currently working on several transactions and our potential pipeline gives us optimism for the rest of the year. The Board expects that the second half performance will be much stronger than the first half. The execution of our pipeline will likely be influenced by the evolving political and economic outlook and the consequent impact on our corporate and institutional clients.

The Board also confirm that a number individuals within the Company's Investment Companies Team have tendered their resignations.  These individuals will continue to operate normally during their notice period and consequently these resignations are expected to have a limited impact on the revenues and net contribution of the Company for the full year ended 31 December 2019. The Board is fully supportive and committed to the Investment Companies sector under the ongoing leadership of Will Rogers who is the Head of the Investment Companies Team.

The Company will announce its interim results for the six months ended 30 June 2019 in late September.

For further information, please contact: 

Cenkos Securities plc          Jeff Hewitt, Acting Non-Executive Chairman	Tel: [phone]
SPARK Advisory Partners Limited Matt Davis, Nominated Adviser	Tel: [phone]
Whitman Howard Limited Nick Lovering, Broker	Tel: [phone]
Buchanan Communications David Rydell, PR Adviser	Tel: [phone]

 

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