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LONDON (Alliance News) - CEPS PLC Monday said pretax profit almost doubled in the first-half, buoyed by improved trading conditions in the UK, USA and Far East.
In its half-year report CEPS said it made a GBP312,000 pretax profit in the six months ended June 30, compared with GBP172,000 in the corresponding period last year. Revenue increased by about GBP1.0 million to GBP8.8 million, while net operating expenses were only up by GBP6,000 at GBP688,000.
Group costs rose to GBP361,000 from GBP232,000 the previous year.
CEPS has a number of operating companies; Davies Odell, which designs sells and distributes body armour products, matting products and a range of footwear repair products; Friedman's, a specialist textile importer, converter and distributor of plain and bespoke Lycra based material; Sunline, which provides collation, personalisation, wrapping and mailing of predominantly paper based direct mail; and CEM Press, which manufactures and distributes the sample books used in marketing and sale of household fabrics and wall coverings.
"A common feature in three out of the four operating companies, CEM Press, Davies Odell and Sunline, in the first half has been investment in capital equipment. This is as a result of improved confidence at local management level and a desire to be ahead of the game as the economy improves," Chairman Richard Organ said in a statement. He said this led to an increase in borrowings and gearing, the latter of which has increased to 55% at the end of June from 45% at the end of 2013.
"Sunline still has a great deal to do to convert the promising investments made this year into enduring profitability. Some competitors have fallen by the wayside and market sentiment continues to improve," Organ said. "I expect Friedman's to continue to deliver strong profitability with some essential re-investment in new, higher-speed digital printers. Davies Odell has made good progress this year with Forcefield and the prospects on shoe components are brighter, with some excellent new products," he added.
Organ also said he expects the group's "steady progress" to continue.
Shares in CEPS were Monday morning trading 12.42% higher at 35.97 pence per share.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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