(Alliance News) - CEPS PLC on Monday said its profit rose in the first half of 2019, helped by reduced operating expenses, lower cost of sales, and a gain on trading.
The small to medium-sized business investor posted a GBP150,000 pretax profit, up from GBP37,000 a year before.
Revenue fell 16% to GBP10.2 million in the six months to June 30 from GBP12.2 million. However, cost of sales fell by slightly more, to GBP6.6 million from GBP8.8 million. As a consequence, gross profit rose 3.0% to GBP3.6 million from GBP3.4 million.
Moreover, net operating expenses shrank to GBP3.1 million from GBP3.2 million, and the firm reported a GBP656,000 gain on trading versus a GBP300,000 gain a year before.
Chair David Horner expressed his frustration over the lack of Brexit resolution so far, bemoaning that the situation is no further resolved than last year. This has made it difficult to predict the future.
Horner said: "In the meantime, the CEPS group of companies are getting on trying to manage in these extraordinary times."
Shares in CEPS were untraded at 30.00 pence in London on Monday afternoon.
By Anna Farley; annafarley@alliancenews.com
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Ceps (CEPS)