We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ceps Plc | LSE:CEPS | London | Ordinary Share | GB00B86TNX04 | ORD 0.3P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 23.50 | 22.00 | 25.00 | 23.50 | 23.50 | 23.50 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Fabricated Rubber Pds, Nec | 29.68M | 556k | 0.0265 | 8.87 | 4.94M |
From Jan 2023 to Jan 2025
TIDMCEPS
RNS Number : 3151L
CEPS PLC
05 September 2023
5 September 2023
CEPS PLC
("CEPS", "CEPS Group" "Group" or "Company")
HALF-YEARLY REPORT
The Board is pleased to announce its unaudited half-yearly report for the six months ended 30 June 2023.
CHAIRMAN'S STATEMENT
The country, both the public and businesses, have in the main recovered from the problems caused by the Coronavirus pandemic. The painful price pressures brought on by the problems caused by the Russian invasion of the Ukraine are also abating as supply chains catch up with the rapidly changing market.
The general poor understanding of how inflation "works" has been clearly exposed in the general media as the passage of time will, in the end, cause inflation to decline to normal levels. This of course begs the question as to what is normal! Periodically over the past 15 years some observers have been very concerned about the spectre of deflation in the United Kingdom. Other analysts have put forward strong views that some inflation is a positive for a healthy economy. This recent inflation spike was caused principally by a very rapid rise in energy prices and food prices. Both were caused by supply shortages rather than excess demand. A look at a graph for spot gas prices over the past five years shows that prices have declined to the level prevailing in April 2021. Going back 25 years, spot rates are the same level as they were in August 1999. In addition, the recent strengthening of Sterling, in particular against the US Dollar, also helps in the battle against inflation.
Raising interest rates has always been used as part of the Treasury's response to curbing inflation. However, over the past 30 years the percentage of mortgages on fixed term rates has risen from almost nil to about 80% of the market. Consequently, any change in interest rates, which always has a lagged effect, is now even slower in its impact. In fact, for the large number of people who have cash savings and no debt, the raising of interest rates has been highly beneficial.
I suspect that over the next 16 months the state of play in the UK will be much improved on where things sit today. Growth in GDP, whilst weak, is beating the experts' forecasts with the IMF and Bank of England having to revise their estimates upwards. The United Kingdom, forecast by these august bodies to be bottom of the G7 growth tables, appears to be continually confounding views.
Review of the period
We remain pleased with the ongoing progress being made by the CEPS Group. Despite the general depressing tone of the mass media, the BBC, the Bank of England and the IMF, we are hoping for a background of steadily improving macroeconomic conditions for the rest of the year and with this state continuing into 2024. However, whilst our companies have continued to make progress, the outlook for the future, whilst a war is being fought on the eastern edge of Europe, remains uncertain.
Reports across many sectors and from many businesses is that input cost inflation has abated such that it is now seen to be a 2022 problem. With a very modest uptick in unemployment over the past three months and a very gradual return to work of the "economically inactive" the shortage of available labour appears to be abating.
Operational review
Aford Awards
The company has continued its organic development. In addition, the integration of the business and assets of Impact Promotional Merchandise, acquired last year, has made a big difference to the strength, breadth, and depth of the company. In common with the developments in the Hickton Group last year, Aford Awards had been effectively overtrading off its historical structure for several years and consequently was finding growth very hard to achieve. With the recent acquisitions, the company has had to add more overhead and operational structure to put it in a position where it can manage its growth in the future in a controlled manner.
The maximum interim deferred payment of GBP210,000 was paid to the vendor of the business of Impact Promotional Merchandise on 14 March 2023. A further four payments will be made amounting to a maximum total of GBP240,000 over the next 18 months.
Friedman's including Milano International
Friedman's has produced a further growth in sales with profits to match. Milano has also started to grow revenue and EBITDA contribution. Both Friedman's and Milano have outperformed budgeted expectations.
Having been highly dependent on the senior management, steps are being taken to broaden and deepen the management function as appropriate for a company of its size and ambition.
Hickton Group
The Hickton Group has had an excellent first six months of this financial year with sales, gross profit and EBITDA being ahead of budget.
On 6 July 2023, the Company purchased a further 1.4% (1,625 shares) of Hickton Group and GBP56,884 8% Investor Loan Notes for GBP58,509, taking its shareholding from 52.4% to 53.8%. This is of course a very low risk way of CEPS PLC achieving growth by acquisition.
Vale Brothers
The company has continued to struggle, in common with all its competitors, as demand for its products has been very weak. Further restructuring is taking place to "right-size" the business for the prevailing demand.
Financial review
It is pleasing that sales for the Group for the first six months of 2023 at GBP15.05m were solidly up on the comparable period in 2022 of GBP12.99m, an increase of 15.9%.
Aford Awards generated revenue of GBP1.99m for the first six months of 2023 compared to GBP1.56m for the same period in 2022. The segmental result, presented as EBITDA, was GBP393,000 in H1 2023 compared to GBP410,000 in the same period in the previous year. As highlighted above in the operational review, more overhead has been put in place and it is expected that the benefit of this will be seen in the second half.
Revenue from Friedman's and Milano International was GBP3.52m in H1 2023 compared to GBP3.19m in H1 2022, with a return to more normal trading conditions. EBITDA also improved from GBP227,000 in H1 2021 to GBP545,000 in H1 2023.
Hickton Group's revenue in H1 2023 increased to GBP9.55m from GBP8.24m in the same period of 2022. The CEPS Board is very pleased with the recovery in Hickton and can confirm that the issues of the second half of last year have been resolved. Consequently, EBITDA has increased from GBP820,000 in the first six months of 2022 to GBP1.01m in H1 of 2023.
The operating profit for CEPS Group increased by 47.3% from GBP930,000 in H1 2022 to GBP1.37m in H1 2023. Included within operating profit are CEPS Group costs which have increased to GBP188,000 for the six months (2022: GBP167,000). Part of this increase can be explained by the fact that the Head Office operation is now run from its own offices in Bath. Increased professional costs account for the rest of the increase.
Vale Brothers has reported a loss for the period to June 2023. The Group, as at 31 December 2022, was carrying a GBPnil investment in respect of its shareholding and GBPnil for the loan notes receivable from this associate and has no contractual commitment to provide any further funding. Consistent with this position, the Group is not required to account for a share of this loss and has, therefore, included GBPnil in the results. As stated above, further action is being taken to restructure the business.
Net finance costs have increased slightly period-on-period from GBP344,000 in H1 2022 to GBP393,000 in H1 2023. Much of the debt is on fixed rate terms and, as cash generation increases, overall debt is expected to decline and, consequently, the finance charge is expected to reduce.
The corporation tax charge of GBP184,000 (H1 2022: GBP67,000) is primarily a provisional charge on the profits generated by the Hickton Group.
Profit after tax for the period was GBP793,000 compared to GBP460,000 for the first six months of 2022. This has resulted in an improved earnings per share attributable to owners of the parent of 1.93p (H1 2022: 1.07p).
The Group saw an improvement in net cash generated from operating activities between the two periods. This amounted to GBP2.01m in H1 2023 and GBP825,000 in H1 2022. Net debt has also fallen from GBP6.08m at 30 June 2022 to GBP5.67m at 30 June 2023. Both these factors explain the improvement in the gearing ratio from 158% at 30 June 2022 to 107% at 30 June 2023. As at 30 June 2023 CEPS Group had GBP1.49m cash and cash equivalents (excluding bank overdrafts) (H1 2022: GBP1.74m).
Dividend
The Board remains keen to recommence the payment of dividends after a very long time of non-payment. However, this will need a balance sheet reconstruction to allow this to happen as the first step in this process. Proposals to effect this will be put forward to shareholders in the near future.
Prospects
The Board is pleased to see the progress for the first six months evidenced in these interim accounts during a period of relative trading normality, as compared to recent years. Whilst the macro position is uncertain, the CEPS Group of companies have clear objectives and are set up to continue to improve their performance. The management teams are showing determination and resilience to ensure that their companies emerge from the current difficulties in a better place in their markets.
David Horner
Chairman
4 September 2023
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
The directors of the Company accept responsibility for the content of this announcement.
Enquiries
CEPS PLC David Horner, Chairman +44 1225 483030 Cairn Financial Advisers LLP James Caithie / Sandy Jamieson / Emily Staples +44 20 7213 0880
Caution Regarding Forward Looking Statements
Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the directors' current beliefs and assumptions and are based on information currently available to the directors .
CEPS PLC
Consolidated Statement of Comprehensive Income
Six months ended 30 June 2023
Hot Features
Premium
Note Audited
Unaudited Unaudited 12 months
6 months 6 months to 31
to 30 June to 30 June December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Revenue 3 15,054 12,988 26,449
Cost of sales (8,867) (7,652) (15,538)
------------ ------------ ----------
Gross profit 6,187 5,336 10,911
Other operating income 20 24 47
Administration expenses (4,837) (4,430) (8,835)
------------ ------------ ----------
Operating profit 3 1,370 930 2,123
Analysis of operating profit
------------ ------------ ----------
Trading 1,538 1,073 2,476
Other operating income 20 24 47
Group costs (188) (167) (400)
------------ ------------ ----------
1,370 930 2,123
------------ ------------ ----------
Share of associate loss - (59) (66)
Net finance costs (393) (344) (711)
Profit before tax 977 527 1,346
Taxation (184) (67) (270)
------------ ------------ ----------
Profit for the period 793 460 1,076
------------ ------------ ----------
Other comprehensive income
Items that will not be reclassified
to profit or loss
------------ ------------ ----------
Actuarial gain on defined
benefit pension plans - - 54
------------ ------------ ----------
Other comprehensive income
for the period, net of tax - - 54
Total comprehensive income
for the period 793 460 1,130
------------ ------------ ----------
Income attributable to:
Owners of the parent 405 224 460
Non-controlling interest 388 236 616
------------ ------------ ----------
793 460 1,076
------------ ------------ ----------
Total comprehensive income
attributable to:
Owners of the parent 405 224 514
Non-controlling interest 388 236 616
------------ ------------ ----------
793 460 1,130
------------ ------------ ----------
Earnings per share attributable
to owners of the parent during
the period
basic and diluted 4 1.93p 1.07p 2.19p
------------ ------------ ----------
CEPS PLC
Consolidated Statement of Financial Position
As at 30 June 2023
Note Unaudited Unaudited Audited
as at as at as at
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 5 1,098 693 671
Right-of-use assets 5 1,857 1,850 1,694
Intangible assets 11,649 11,830 11,728
Investment in associate - 7 -
14,604 14,380 14,093
---------- ---------- ------------
Current assets
Inventories 2,296 1,781 2,138
Trade and other receivables 4,840 4,145 4,006
Cash and cash equivalents
(excluding bank overdrafts) 1,488 1,743 1,284
8,624 7,669 7,428
---------- ---------- ------------
Total assets 3 23,228 22,049 21,521
========== ========== ============
Equity
Capital and reserves attributable
to owners of the parent
Called up share capital 8 2,100 2,100 2,100
Share premium 7,017 7,017 7,017
Retained earnings (7,121) (7,816) (7,526)
---------- ---------- ------------
1,996 1,301 1,591
Non-controlling interest in equity 3,312 2,544 2,924
Total equity 3 5,308 3,845 4,515
---------- ---------- ------------
Liabilities
Non-current liabilities
Borrowings 7,648 8,219 8,367
Lease liabilities 1,636 1,652 1,522
Trade and other payables 120 240 208
Deferred tax liability 338 344 338
9,742 10,455 10,435
---------- ---------- ------------
Current liabilities
Borrowings 1,822 2,097 1,487
Lease liabilities 373 342 313
Trade and other payables 4,263 4,180 3,325
Current tax liabilities 1,720 1,130 1,446
8,178 7,749 6,571
---------- ---------- ------------
Total liabilities 3 17,920 18,204 17,006
---------- ---------- ------------
Total equity and liabilities 23,228 22,049 21,521
========== ========== ============
CEPS PLC
Consolidated Statement of Cash Flows
Six months ended 30 June 2023
Unaudited Unaudited Audited
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit for the financial period 793 460 1,076
Adjustments for:
Depreciation and amortisation 390 360 719
Loss on disposal of fixed assets 2 - 6
Pension contributions less than administrative
charge - - 69
Share of associate loss - 59 66
Net finance costs 393 344 711
Taxation charge 184 67 270
Changes in working capital
Movement in inventories (158) (161) (518)
Movement in trade and other receivables (834) (1,109) (970)
Movement in trade and other payables 1,347 881 301
---------- ---------- ------------
Cash generated from operations 2,117 901 1,730
Corporation tax paid (111) (76) (61)
Net cash generated from operating
activities 2,006 825 1,669
---------- ---------- ------------
Cash flows from investing activities
Interest received 6 6 12
Acquisition of subsidiaries and businesses,
net of cash acquired (including deferred
consideration) (223) (575) (611)
Purchase of property, plant and equipment (525) (32) (120)
Proceeds from sale of assets - - 3
Purchase of intangible fixed assets (23) (74) (75)
Net cash used in investing activities (765) (675) (791)
---------- ---------- ------------
Cash flows from financing activities
Proceeds from borrowings - 437 396
Repayment of borrowings (405) (332) (773)
Dividends paid to minority shareholders
in a subsidiary - (157) (157)
Interest paid (451) (268) (815)
Lease liability payments (181) (168) (326)
Net cash flow used in financing
activities (1,037) (488) (1,675)
---------- ---------- ------------
Net increase/(decrease) in cash
and cash equivalents 204 (338) (797)
Cash and cash equivalents at the
beginning of the period 1,284 2,081 2,081
Cash and cash equivalents at the
end of the period 1,488 1,743 1,284
========== ========== ============
Cash and cash equivalents
Cash at bank and in hand 1,488 1,743 1,284
========== ========== ============
CEPS PLC
Consolidated Statement of Changes in Equity
Six months ended 30 June 2023
Share Share Retained Attributable Non-controlling Total
capital premium earnings to owners interest equity
of the
parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------- --------- ---------- ------------- ---------------- --------
At 1 January 2022 2,100 7,017 (8,040) 1,077 2,465 3,542
(audited)
--------- --------- ---------- ------------- ---------------- --------
Profit and total comprehensive
income for the period - - 224 224 236 460
--------- --------- ---------- ------------- ---------------- --------
Dividends paid to
minority shareholders
in a subsidiary - - - - (157) (157)
--------- --------- ---------- ------------- ---------------- --------
At 30 June 2022 (unaudited) 2,100 7,017 (7,816) 1,301 2,544 3,845
--------- --------- ---------- ------------- ---------------- --------
Actuarial gain - - 54 54 - 54
Profit for the period - - 236 236 380 616
--------- --------- ---------- ------------- ---------------- --------
Total comprehensive
income for the financial
period - - 290 290 380 670
--------- --------- ---------- ------------- ---------------- --------
At 31 December 2022
(audited) 2,100 7,017 (7,526) 1,591 2,924 4,515
--------- --------- ---------- ------------- ---------------- --------
Profit and total comprehensive
income for the financial
period - - 405 405 388 793
--------- --------- ---------- ------------- ---------------- --------
At 30 June 2023 (unaudited) 2,100 7,017 (7,121) 1,996 3,312 5,308
--------- --------- ---------- ------------- ---------------- --------
Notes to the financial information
1. General information
CEPS PLC (the "Company") is a company incorporated and domiciled in England and Wales. The Company is a public company limited by shares, which is admitted to trading on the AIM market of the London Stock Exchange. The address of the registered office is 11 Laura Place, Bath BA2 4BL.
The registered number of the Company is 00507461.
This condensed consolidated half-yearly financial information was approved by the directors for issue on 5 September 2023.
This condensed consolidated half-yearly financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2022 were approved by the Board of directors on 4 May 2023 and delivered to the Registrar of Companies. The report of the auditor on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under section 498 of the Companies Act 2006.
This condensed consolidated half-yearly financial information has not been reviewed or audited.
There is no specific seasonality in relation to the condensed consolidated half-yearly financial information.
Basis of preparation
This condensed consolidated half-yearly financial information for the six months ended 30 June 2023 has been prepared in accordance with IAS 34, 'Interim Financial Reporting'. The condensed consolidated half-yearly financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2022, which have been prepared in accordance with IFRS as adopted by the United Kingdom.
Accounting policies
The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2022 and with those to be applied for the year ending 31 December 2023, as described in the 2022 annual financial statements. There are no new standards or interpretations expected to be adopted in 2023 that would have a significant impact on the financial statements.
2. Exceptional items
There have been no material exceptional items in the period ended 30 June 2023 (2022: none).
3. Segmental analysis
The chief operating decision maker of the Group is its Board. Each operating segment regularly reports its performance to the Board which, based on those reports, allocates resources to and assesses the performance of those operating segments.
Operating segments and their principal activities are as follows:
- Aford Awards, including Impact Promotional Merchandise, a sports trophy, engraving and promotional merchandising company;
- Friedman's, a convertor and distributor of specialist lycra, including Milano International (trading as Milano Pro-Sport), a designer and manufacturer of leotards; and
- Hickton Group, comprising Hickton Quality Control, BRCS, Cook Brown Building Control, Cook Brown Energy, Morgan Lambert and Qualitas Compliance, providers of services in the construction industry.
The United Kingdom is the main country of operation from which the Group derives its revenue and operating profit and is the principal location of the assets of the Group. The Group information provided below, therefore, also represents the geographical segmental analysis. Of the GBP15,054,000
(2022: GBP12,988,000) of revenue, GBP14,188,000 (2021: GBP12,115,000) is derived from UK customers.
The Board assesses the performance of each operating segment by a measure of adjusted earnings before interest, tax, depreciation and amortisation and Group costs. Other information provided to the Board is measured in a manner consistent with that in the financial statements.
i) Results by segment
Unaudited 6 months to 30 June 2023
Aford Hickton Total
Awards Friedman's Group Group
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 1,985 3,520 9,549 15,054
-------- ----------- ---------- --------
Segmental result (EBITDA) 393 545 1,010 1,948
Right-of-use depreciation charge (37) (84) (47) (168)
Depreciation and amortisation
charge (69) (113) (40) (222)
-------- ----------- ----------
Group costs (188)
Net finance costs (393)
Profit before taxation 977
Taxation (184)
--------
Profit for the period 793
========
Unaudited 6 months to 30 June 2022
Aford Hickton Total
Awards Friedman's Group Group
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 1,560 3,192 8,236 12,988
-------- ----------- ---------- --------
Segmental result (EBITDA) 410 227 820 1,457
Right-of-use depreciation charge (38) (70) (53) (161)
Depreciation and amortisation
charge (45) (96) (58) (199)
-------- ----------- ----------
Group costs (167)
Share of associate loss (59)
Net finance costs (344)
Profit before taxation 527
Taxation (67)
--------
Profit for the period 460
========
Audited 12 months to 31 December 2022
Aford Hickton Total
Awards Friedman's Group Group
GBP'000 GBP'000 GBP'000 GBP'000
Revenue 3,086 6,423 16,940 26,449
-------- ----------- ---------- --------
Segmental result (EBITDA) 546 897 1,800 3,243
Right-of-use depreciation
charge (75) (129) (100) (304)
Depreciation and amortisation
charge (115) (183) (117) (415)
-------- ----------- ----------
Group costs (400)
Share of associate loss (66)
Net finance costs (712)
Profit before taxation 1,346
Taxation (270)
--------
Profit for the year 1,076
========
ii) Assets and liabilities by segment
Unaudited as at Segment assets Segment liabilities Segment net assets/(liabilities)
30 June
2023 2022 2023 2022 2023 2022
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Continuing operations:
CEPS Group 192 167 (5,455) (5,322) (5,263) (5,155)
Aford Awards 4,099 4,039 (2,028) (2,152) 2,071 1,887
Friedman's 8,377 7,538 (2,884) (2,390) 5,493 5,148
Hickton Group 10,560 10,305 (7,553) (8,340) 3,007 1,965
Total - Group 23,228 22,049 (17,920) (18,204) 5,308 3,845
======== ======== ========== ========== ================= =================
Audited as at 31 Segment assets Segment liabilities Segment net assets/(liabilities)
December 2022
GBP'000 GBP'000 GBP'000
Continuing operations:
CEPS Group 286 (5,410) (5,124)
Aford Awards 4,014 (2,170) 1,844
Friedman's 7,575 (2,244) 5,331
Hickton Group 9,646 (7,182) 2,464
Total - Group 21,521 (17,006) 4,515
================== ====================== ====================================
4. Earnings per share
Basic earnings per share is calculated on the profit after taxation for the period attributable to owners of the Company of GBP405,000 (2022: GBP224,000) and on 21,000,000 (2022: 21,000,000) ordinary shares, being the weighted number in issue during the period.
5. Property, plant and equipment
In the period ended 30 June 2023, a subsidiary in the Friedman's segment purchased the freehold property, formerly leased for the operations, for GBP388,000 plus costs.
GBP284,000 of the increase in right-of-use assets and lease liabilities in the period ended 30 June 2023 results from a rent review in respect of existing premises.
6. Net debt and gearing
Gearing ratios at 30 June 2023, 30 June 2022 and 31 December 2022 are as follows:
Group Group Group audited
unaudited unaudited 31 December
30 June 2023 30 June 2022 2022
GBP'000 GBP'000 GBP'000
Total borrowings 7,161 7,818 7,420
Less: cash and cash equivalents (1,488) (1,743) (1,284)
-------------- -------------- --------------
Net debt 5,673 6,075 6,136
-------------- -------------- --------------
Total equity 5,308 3,845 4,515
-------------- -------------- --------------
Gearing ratio 107% 158% 136%
In order to provide a more meaningful gearing ratio, total borrowings are the sum of bank borrowings and third-party debt, excluding loan notes used to finance the Group's acquisitions.
7. Pension scheme
Further to the announcement on 13 December 2021 that the Trustees of the Company's defined benefit scheme (the Dinkie Heel plc Retirement Benefits Scheme (the "Scheme")) had entered into a buy-in contract with Aviva, the Scheme continues to be formally wound-up.
It is expected that the Scheme will have surplus funds once the final balancing premium is paid to Aviva, conditional on the Scheme completing a process to verify the detailed amounts payable to members and dependants. This process should be complete within the next six months. The amount the Trustees expect may be left over is in the order of GBP700,000 (the "Surplus") although it may be more or less than that. In accordance with the formal rules of the Scheme, it is the intention of the Trustees to pay the Surplus to CEPS PLC, as the employer for the Scheme, after deducting the required amount of tax, currently expected to be 35% and the net amount receivable would then be GBP455,000.
Historically, the actuarial surplus on the Scheme has not been recognised in the Company's accounts as the Company does not have an unconditional right to refunds of surpluses arising in the Scheme. The contingent asset will not be recognised until there is certainty over the final amount and receipt and any payment of the surplus to CEPS PLC will have a positive impact on the Company's and Group's balance sheet when it is received.
8. Share capital and premium
Number Share Share
of shares capital premium Total
GBP'000 GBP'000 GBP'000
At 1 January 2023 and 30 June
2023 21,000,000 2,100 7,017 9,117
----------- --------- --------- ---------
9. Post balance sheet events
On 6 July 2023, the Company purchased a further 1.4% (1,625 shares) of Hickton Group and GBP56,884 8% Investor Loan Notes for GBP58,509, taking its shareholding from 52.4% to 53.8%.
10. Related-party transactions
During the period the Company entered into the following transactions with its subsidiary groups:
Aford Awards
Group Holdings
Limited Signature Hickton
GBP'000 Fabrics Limited Group Limited
GBP'000 GBP'000
Loan note interest receivable
- 6 months to 30 June
2023 38 29 95
- 6 months to 30 June
2022 32 30 95
- For the year to 31
December 2022 (audited) 70 60 191
Management charge income
receivable
- 6 months to 30 June
2023 10 18 6
- 6 months to 30 June
2022 10 18 6
- For the year to 31
December 2022 (audited) 20 35 13
Amount owed to the Company
- 30 June 2023 1,310 969 2,453
- 30 June 2022 1,235 1,164 2,382
- For the year to 31
December 2022 (audited) 1,235 1,000 2,406
The Company is under the control of its shareholders and not any one individual party.
Statement of directors' responsibility
The directors confirm that, to the best of their knowledge, these condensed consolidated half--yearly financial statements have been prepared in accordance with IAS 34 as adopted by the United Kingdom. The interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely:
-- an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and
-- material related-party transactions in the first six months of the financial year and any material changes in the related-party transactions described in the last Annual Report.
A list of current directors is maintained on the CEPS PLC website: www.cepsplc.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR FLFLVAVISIIV
(END) Dow Jones Newswires
September 05, 2023 02:00 ET (06:00 GMT)
1 Year Ceps Chart |
1 Month Ceps Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
