Cenkos Securities shares surge on annual profit rise

Cenkos Securities shares soared Friday after reporting a 37 per cent rise in 2012 pre-tax profit, as the company pulled in new clients.

The security firm posted a pre-tax profit of £7.0m for the year to December 31st 2012, up from £5.1m a year earlier.

Revenue from continuing operations grew 16% to £43.2m from £37.4m driven by higher income from placings, corporate finance fees and commissions on market transactions.

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The company raised its dividend by 50% to 7.5p from 5.0p.

"Cenkos is pleased to report that, despite the difficult economic conditions that prevailed during the period, revenues and profits are well ahead of last year," the group said in a statement.

"We continue to grow our client base and raise equity capital for our corporate clients."

Cenkos added that its pipeline was strong, with an encouraging start to 2013.

RD