A flexible model that rewards innovation

Cenkos Securities maintained its record of unbroken profitability in 2016 despite tougher markets. The business model, based on relatively low basic remuneration and variable team rewards transparently linked to results, has proved resilient across the cycle and encourages an entrepreneurial approach, attracting clients and mandates, increasingly for substantial transactions. The level of profit is subject to market fluctuations but the current valuation appears to reflect cautious assumptions given the group’s historical performance.