Broking for more success

Buoyed by £31.5m of revenue earned from the flotation of the AA, the emergency car recovery company which appointed Cenkos Securities as the sole co-ordinator and bookrunner, turnover more than trebled to £65m in the first six months of 2014, exceeding the £51.4m total for the whole of last year. In turn this drove up half year profits almost eightfold from £3m to £23.5m, more than double the £10.7m made in 2013. To put this performance into some perspective, when I last updated my view (‘Going for broke’, 8 July 2014), I thought that Cenkos could easily “deliver full-year pre-tax profit of between £16m and £18m and EPS as high as of 22p”.