STOCKBROKER Cenkos Securities has overcome the market turbulence to post stronger profits in its first year as a publicly-quoted company.
Pre-tax profit in the 12 months to 31 December, 2007 rose to 23.8 million, against 20.8m in the previous 13-month period. Revenues grew from 32.7m to 52.8m.
The 2007 profit includes a 1.7m gain on the part-disposal of the firm's Guernsey-based subsidiary. A final dividend of 12p has been proposed, making the total for the year 22p, reflecting the company's policy of paying out the bulk of its earnings in dividends.
During 2007, Cenkos, which has a market value of about 100m, completed 36 transactions raising in the region of 1.7 billion of funds on behalf of its clients.
At the end of 2007 the client base stood at 72, up from 53 a year earlier. The company intends to grow this client base and regards the current market turmoil as an excellent environment in which to attract top talent to the firm.
Chief executive Andrew Stewart said: "Whilst the markets are difficult at the moment, the skill and commitment of our employees reduce the impact of these conditions."