17th Jun 2019 12:32
(Alliance News) - CEPS PLC said Monday its trading in the four months to April 30 was in line with budget.
In 2018, the firm, which buys majority stakes in UK small and medium-sized businesses, sank to a GBP308,000 pretax annual loss, reversing a GBP55,000 profit the year before.
This included a GBP445,000 discontinued loss, compared to a GBP156,000 discontinued loss in 2017.
The jump in the discontinued loss was attributable to its Sunline Direct Mail business, which went into administration in June 2018 having failed to make the necessary improvements to efficiency through automation and mechanisation or to change its product mix from 90% plastic and 10% paper to 60% plastic and 40% paper.
The EU General Data Protection Act, which caused order delays, coupled with concerns over plastic use, ultimately tipped Sunline into administration.
CEPS' revenue decreased by 8.5% to GBP21.6 million in 2018.
At the time of the company's annual results release in May, David Horner, chair of CEPS, said its accounts are "very confusing and complicated" and it is considering commissioning a third-party research firm to produce periodic research on the company, which CEPS would then post on its website.
Shares in CEPS were untraded Monday but last closed at 30.00 pence each.
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