Directorate Change

RNS Number : 6651J

Cenkos Securities PLC

04 July 2011

 



4 July 2011

Cenkos Securities plc ("the Company")

Directorate Changes

Resignation of Chief Executive Officer

The Board of Cenkos Securities plc today announces that it has been informed by Simon Melling, Chief Executive Officer, of his intention to leave the business in order to pursue other interests.  A date for Mr Melling's departure has not been set and he has agreed that to ensure a smooth handover he will continue to remain in the role of Chief Executive Officer for three months or until a suitable successor has been appointed, if earlier.

Peter Sullivan, Chairman said:

"Ahead of Simon's departure the Board would like to thank Simon for all his hard work and the contribution that he has made to the development of the business in the five years since the Company's IPO.  During this period he served as the Group Finance Director for the first three years and as the Chief Executive Officer for the past two years. His commitment has been a driving force since day one and we are very grateful for all that he has done.  The Board will be sorry to see him move on and he will leave with our best wishes."

The Board will commence a search for a successor and will make a further announcement regarding the appointment in due course.

Resignation of Non-Executive Director

The Board announces that Oliver Ellingham a Non-Executive Director of the Company, has owing to other business interests stepped down from the Board with immediate effect. The Board would like to thank Mr Ellingham for his contribution to the Company and wish him well in his other business interests. 

Trading Update

Despite a challenging market for IPOs and other fundraisings and continuing weak general economic conditions, the Group is pleased to report that it has raised more than £620 million for over 20 clients during the first five months of the year. Unaudited estimated revenues for the first five months are around £26m which is up £5m against the corresponding period for 2010. Revenues have been received from across all areas of the Group and the Group has been profitable during this period. The new business pipeline remains encouraging, albeit that its delivery will be dependent on prevailing market conditions. It is the view of the Board that the Company's flexible cost base which is highly geared to performance, will allow the Company to continue to trade profitably in the current markets.  The Group expects to announce its results for the six month period ended 30 June 2011 on or around 28 September 2011. 

Enquiries:

Peter Sullivan                                       020 7397 8900

Chairman         

Cenkos Securities plc

Simon Melling                                      020 7397 8900

Chief Executive Officer

Cenkos Securities plc

David Rydell/Duncan Mayall

Pelham Bell Pottinger                           020 7861 3232

 

END

 

 

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