CEPS PLC - Bath-based investment company focussed on the industrial sector - For first six months of 2020 posts pretax profit of GBP2.4 million, up sharply year-on-year from GBP150,000. This is despite revenue plunging 38% to GBP6.3 million from GBP10.2 million on changing customer behaviour amid the Covid-19 pandemic. Administrative expenses reduced to GBP2.9 million from GBP3.1 million. Notes that barring income of GBP563,000 received from the UK government's Coronavirus Job Retention Scheme, operating loss would have been GBP350,000.
Looking ahead, Chair David Horner says: "It remains very difficult to predict the outlook and the exact performance of the businesses. We do not expect normalisation of trading until perhaps 2022. After prior economic shocks it has taken about 18 to 24 months for confidence to fully return. The CEPS group is getting better positioned and we are working on some other initiatives to improve the group. The events in 2020 have only accelerated the trend to digitalise business and move more activities to an e-commerce model"
Cash at June end GBP2.0 million.
Current stock price: 25.00 pence
Year-to-date change: down 21%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Ceps (CEPS)