A trading update at last month’s annual general meeting was clearly positive. In that statement chairman Gerry Aherne noted that the company “continues to trade well and revenues are well ahead of the same period last year. Our pipeline of potential new business activity remains strong”. In other words, having lifted revenues by almost a fifth to £51.4m and increased underlying pre-tax profits by over a half to £10.7m, Cenkos is still blazing ahead despite the stiff comparatives from last year. On that basis, EPS almost doubled to 14.2p and given the board’s progressive dividend policy, this resulted in a payout of 12p a share including a final dividend that more than doubled to 8.5p a share. This means Cenkos shares are trading on a modest historic PE ratio of 11 and offer a chunky dividend yield of 7.5 per cent.
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