Cenkos slumps as it warns on full-year revenue

Stockbroker Cenkos Securities was under pressure on Tuesday as it warned that revenue for the year will be "materially below" 2017.

In a brief trading update, the company said that while its performance in the second quarter has slowly improved, several transactions that were due to complete in June did not complete until this month.

"We have seen an improvement in our pipeline of prospective transactions for the remainder of the year, however the full year's revenue is expected to be materially below those recorded in 2017, as those revenue figures included some unusually large fees," it said.

On the upside, however, Cenkos said the revenue pipeline for August is encouraging and it expects the second half performance to be stronger than the first.

At 1420 BST, the shares were down 12% to 89p.