very good rns15 May 2014 12:33
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Final Results
Thu, 15th May 2014 07:00
RNS Number : 1464H
CEPS PLC
15 May 2014
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CEPS PLC
("CEPS" OR THE "COMPANY")
FINAL RESULTS
The Board of CEPS is pleased to announce its final results for the year ended 31 December 2013.
CHAIRMAN'S STATEMENT (extract)
Review of the period
Good progress has been made in 2013.
Trading conditions in the UK and some export markets at last began to show signs of improvement and the depreciation of the Pound, so damaging to our input costs, was reversed somewhat in the latter part of the year. The recovery and revitalisation of Sunline has proceeded well, creating an environment where we are confident in investing for the future.
Group revenue rose 4% to £15.6m (2012: £15.1m) and operating profit advanced by 49% to £348,000 (2012: £233,000 before exceptionals) with markedly different results across the companies.
As noted at the half year, Davies Odell's lack of profit has continued to disappoint, as sales growth has stalled and been outpaced by costs. Sunline's strong recovery has continued into 2014, and Friedman's has had an outstanding year with strong sales and margin growth. Group costs were slightly higher at £331,000, compared to the previous year's total of £313,000, due to the one-off professional costs associated with the share consolidation that was approved by shareholders in June 2013.
Profit before tax has increased to £261,000 from £117,000, before exceptional costs in 2012, and post-tax profits have increased to £181,000 from £19,000, excluding the exceptional impairment charge in 2012. The loss per share on a basic and diluted basis, after accounting for non-controlling interests, is 0.15p which compares to last year's loss per share of 40.36p, adjusted for the effects of the share consolidation.
On 10 June 2013 shareholder approval was given for the reorganisation of the Company's share capital. As a result, the number of shareholders was reduced from 1,051 to a more manageable 185 and the nominal value of the shares was increased from 5p to 10p. The number of shares in issue has halved from 10,814,310 to 5,407,155. As detailed in the circular dated 8 May 2013, a small amount was donated to charities selected by the directors.
Financial Review
In light of the impairment provision against goodwill attributable to Sunline of £2.5m that was made in last year's accounts, it was very
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