Cenkos profit slumps and rival posts a loss

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Stewart's Cenkos Securities broking and trading house today reported an 80% slump in 2008 pre-tax profits to £5.1 million as revenues halved.

The dividend - almost a quarter of which goes to Stewart - is being slashed from 12p to 5p.

"We are experiencing market and economic conditions the like of which I have not seen before," said Stewart.

"The weak have been found wanting and the strong have been severely tested."

But he was celebrating having made a profit, unlike Collins Stewart, the firm he founded and which is now run by his great rival Terry Smith. Collins Stewart tumbled to a £15 million loss in 2008, hobbled by guaranteed bonuses paid to brokers.