REG - CEPS PLC - Half-year Report
06/09/2024 07:00
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RNS Number : 2191D CEPS PLC 06 September 2024
06 September 2024
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 2024.
CHAIRMAN'S STATEMENT
The first six months of the year was dominated by the build-up to, and then
the actual General Election. Labour was rewarded for not being the
Conservatives such that, with some 20% of the electorate voting for them, they
managed to achieve the third largest majority in the modern era. It is to be
hoped that, with such a large majority, the Government feels able to address
some of the major issues which have plagued the country for the past 20
years. Rachel Reeves, as Chancellor, has picked up some of the rhetoric last
articulated by Liz Truss with respect to developing policy aimed at moving the
United Kingdom onto a higher growth trajectory. Let us hope that this growth
narrative ends rather better for her!
The new Government, whilst not receiving a shiny golden chalice as Tony Blair
and Gordon Brown did in 1997, is taking over an economy in much better shape
than when Rishi Sunak and Jeremy Hunt took over approximately 24 months ago.
In fact, as the weeks pass, it is clear from various announcements that the
economy appears to be improving by rather more than was expected. CPI
inflation has returned to the Bank of England's arbitrary target of 2%, down
from 6.7% a year ago and from a peak of 11.1% in October 2022. There has
since been a small uptick to 2.2%, and this may surprise readers because gas
and oil prices a year ago were marginally lower than the latest depressed
levels. However, it is worth noting that long-term gas prices are in the
lower part of their 25-year range. This inflation level was as we expected
in the comparable statement 12 months ago. Employment has remained high at
74.4% with unemployment barely changing over the past 12 months at 4.4% and
below the forecast of 4.5%. It is interesting to note that the peak of the
employment rate was achieved at 76.2% in February 2020. Vacancies currently
stand at 889,000, which is higher than pre-pandemic levels. The big
challenge for the Government is to turn around the rising trend of the
economically inactive which currently stands at 9.2m. If this could be
reduced by 1m, then the pressure to "import" labour would reduce.
Wage increases have been consistently above inflation, currently running at
some 5.4% and, therefore, well ahead of CPI. With the likelihood of reducing
mortgage rates, real disposable income is set to continue to rise.
It is with some relief to all that the Bank of England has finally decided to
cut interest rates, albeit only by 0.25%, to 5%. It was late to increase
rates in 2021 as, in my opinion, it was wrongly concerned about the 1m people
still on furlough in September 2021. It looks like it may also be late in
commencing the reductions. The European Central Bank has rates currently
standing at 4.25%, having peaked at 4.5%. It is to be hoped that we see one
or more further reductions this year and for this trend to continue next year,
taking rates to a sensible and sustainable level of 3.5% - 4.0%.
Lower interest rates help foster greater economic activity and boost consumer
confidence. A happy by-product is that the Government will, in time, pay
less interest on its mountain of debt, thereby assisting its finances.
As we also pointed out last year, the performance of the UK economy has
continued to consistently outperform the "experts" at the Bank of England and
the IMF. It is interesting to note that the Bank of England, recognising its
poor record of forecasting, brought in Dr Ben Bernanke, previously Chairman of
the United States Federal Reserve, to review its forecasting processes. His
cutting report on the quality of the Bank of England's forecasts will
hopefully lead to a better performance going forward, given that so many major
policy decisions are made based on these forecasts.
It is to be hoped that with political stability and a consistent strategy for
economic growth, the period ahead is one of low inflation and steady economic
growth.
Review of the period
We remain pleased with the ongoing progress being made by the component
members of the CEPS Group. Whilst our companies continue to make progress,
the outlook for the future is obviously made uncertain by the Ukraine war and
heightened tensions across the Middle East.
Operational review
Aford Awards
Aford Awards has continued its development by broadening its product range
through innovation and using its increased production capability. Whilst
last year focussed on the integration of the business and assets of Impact
Promotional Merchandise, this year has been one of managing the various
business streams to be more efficient and operationally effective.
The company is looking again at several "bolt-on" acquisitions and has with
recent experience, developed a process and structure to facilitate the
integration of future investments to maximise return on investment.
Further interim deferred acquisition payments were made, including the
£60,000 paid to the vendor of Impact Promotional Merchandise in March 2024.
A further two payments will be made in respect of Impact Promotional
Merchandise amounting to £120,000 over the next 12 months.
Friedman's including Milano International
Friedman's and Milano have seen a modest decline in sales with profits to
match.
As anticipated, the performance of the two companies remained relatively flat
as the continued effects of the cost-of-living crisis and inflationary
pressures impacted expected sales. In addition, some of the regular orders in
June were delayed into July this year, after the period of this report
Hickton Group
The Hickton Group has had another positive first six months with sales, gross
profit and EBITDA all being ahead of budget.
Financial review
It is pleasing that sales for the Group for the first six months of 2024 at
£15.89m were solidly up on the comparable period in 2023 of £15.05m, an
increase of 5.6%.
Aford Awards generated revenue of £2.06m for the first six months of 2024
compared to £1.99m for the same period in 2023. The segmental result,
presented as EBITDA, was £450,000 in H1 2024 compared to £393,000 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 over future reporting periods.
Revenue from Friedman's and Milano International was £3.46m in H1 2024
compared to £3.52m in H1 2023. EBITDA was down marginally from £545,000 in
H1 2023 to £479,000 in H1 2024. Part of the plan to boost sales across both
businesses in the second half of the year and beyond is the strengthening of
the marketing team. Recruitment is on-going and it is hoped that the team
will be at full force by the start of Q4 2024.
Hickton Group's revenue in H1 2024 increased to £10.37m from £9.55m in the
same period of 2023. The CEPS Board is very pleased with the continued
progress at Hickton. The associated EBITDA has increased from £1.01m in the
first six months of 2023 to £1.33m in H1 of 2024.
The operating profit for CEPS Group increased by 15.3% from £1.37m in H1 2023
to £1.58m in H1 2024. Included within operating profit are CEPS Group costs
which have increased to £221,000 (excluding the £37,000 exceptional cost
explained in note 2) for the six months (2023: £188,000). This can be
explained by higher legal and professional costs predominantly in relation to
the recent balance sheet reconstruction.
Shareholders will be aware that the Board has appointed new auditors, Saffery
LLP (formally known as Saffery Champness LLP) to replace Cooper Parry Group
Limited. This will lead to savings on the audit fees for the current year.
Net finance costs have declined period-on-period from £393,000 in H1 2023 to
£354,000 in H1 2024. 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 £274,000 (H1 2023: £184,000), representing an
increase of 48.9% from 2023, is primarily a provisional charge on the profit
generated by the Hickton Group. In addition, the tax payable is now being
computed at 25% rather than the previous rate of 19%.
Profit after tax for the period was £952,000 compared to £793,000 for the
first six months of 2023. This has resulted in an improved earnings per
share attributable to owners of the parent of 2.29p (H1 2023: 1.93p).
The Group saw strong net cash generated from operating activities. This
amounted to £1.98m in H1 2024 and £2.01m in H1 2023. Net debt has also
fallen from £5.67m at 30 June 2023 to £4.89m at 30 June 2024. Both these
factors explain the improvement in the gearing ratio from 107% at 30 June 2023
to 75% at 30 June 2024 (see note 5).
Dividend
The Board remains keen to recommence the payment of dividends after a very
long period of non-payment. As a first step towards achieving this, the
balance sheet reconstruction was completed on 15 May 2024. The corporate
entity of CEPS PLC now needs to build its revenue reserves to enable the Board
to consider either buying back shares and cancelling them, or alternatively
paying dividends. At this time the favoured option, when we are able to do
so, is to buy back shares and to cancel them for the benefit of all
shareholders.
Employee Share Option Trust
It is the Board's intention to establish an Employee Share Option Trust
("ESOT") which will, from time to time and within prescribed price levels, buy
ordinary shares in the market. These shares will be available to match
against future share options as they vest. CEPS will lend the ESOT the funds
to finance these modest purchases.
Reporting on the progress of the business drivers
I set out in the Annual Report 2023 the six profit/value drivers which I
believe will increase the value of CEPS in the future:
1. Expected increase in the profits of the three subsidiaries
Aford Awards and Hickton have grown their profits. At the interim stage,
Friedman's and Milano are marginally down. Overall earnings per share are up
18.7%.
2. Self-funded "bolt-on deals" in each of the three subsidiaries
in the manner that has occurred over the past five years
As mentioned above, Aford Awards is reviewing several opportunities which may
or may not happen.
3. Repayment of loan stocks from the subsidiaries, absent any
acquisitions, leading firstly to the repayment of the £2m third party loan in
2025 and then, finally, the Chelverton Asset Management loan of £2.95m
Hickton has commenced the repayment of its loan stock, which as at 30 June
2024 totals £3,930,000, and CEPS is receiving its due share.
Signature Fabrics Limited, the holding company of Friedman's and Milano, has
commenced repayment of the CEPS loan. As at 30 June 2024 a total of £220,000
had been repaid leaving £780,000 outstanding.
4. Increase in CEPS' shareholdings in its subsidiary companies
No change in this period.
5. Share buy backs and cancellation
CEPS is not yet in a position where this can be commenced.
6. Offer to buy a subsidiary
At this time, we would have little interest in selling a subsidiary,
preferring them to continue to grow their profits and repay the loan stock due
to CEPS.
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. The macro position is uncertain but it appears to
be improving. The CEPS Group of companies has clear objectives and is set up
to continue to improve its performance.
David Horner
Chairman
05 September 2024
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 identified 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 reflect 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 2024
Note Audited
Unaudited Unaudited 12 months
6 months 6 months to 31
to 30 June
to 30 June
December
2024 2023 2023
£'000 £'000 £'000
Revenue 3 15,892 15,054 29,675
Cost of sales (9,041) (8,867) (17,187)
Gross profit 6,851 6,187 12,488
Other operating income - 20 7
Exceptional income and expenses (37) - 137
Administration expenses (5,234) (4,837) (10,086)
Operating profit 3 1,580 1,370 2,546
Analysis of operating profit
Trading 1,838 1,538 2,868
Other operating income - 20 7
Exceptional items 2 (37) - 137
Group costs (221) (188) (466)
1,580 1,370 2,546
Net finance costs (354) (393) (755)
Profit before tax 1,226 977 1,791
Taxation (274) (184) (567)
Profit for the period 952 793 1,224
Other comprehensive income
Items that will not be reclassified to profit or loss - -
13
Actuarial gain on defined benefit pension plans
Other comprehensive income for the period, net of tax - - 13
Total comprehensive income for the period 952 793 1,237
Income attributable to:
Owners of the parent 481 405 556
Non-controlling interest 471 388 668
952 793 1,224
Total comprehensive income attributable to:
Owners of the parent 481 405 569
Non-controlling interest 471 388 668
952 793 1,237
Earnings per share attributable to owners of the parent during the period
basic and diluted 4 2.29p 1.93p 2.65p
CEPS PLC
Consolidated Statement of Financial Position
As at 30 June 2024
Note Unaudited Unaudited Audited
as at as at as at
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 1,031 1,098 974
Right-of-use assets 1,794 1,857 2,025
Intangible assets 11,513 11,649 11,605
14,338 14,604 14,604
Current assets
Inventories 2,406 2,296 2,388
Trade and other receivables 5,244 4,840 4,837
Cash and cash equivalents 1,713 1,488 916
(excluding bank overdrafts)
9,363 8,624 8,141
Total assets 3 23,701 23,228 22,745
Equity
Capital and reserves attributable to owners of the parent
Called up share capital 6 63 2,100 2,100
Share premium 6 - 7,017 7,017
Retained earnings 2,604 (7,121) (6,931)
2,667 1,996 2,186
Non-controlling interest in equity 3,878 3,312 3,407
Total equity 3 6,545 5,308 5,593
Liabilities
Non-current liabilities
Borrowings 4,484 7,648 6,889
Lease liabilities 1,514 1,636 1,721
Trade and other payables - 120 60
Provisions 395 - 400
Deferred tax liability 357 338 372
6,750 9,742 9,442
Current liabilities
Borrowings 4,120 1,822 2,178
Lease liabilities 449 373 449
Trade and other payables 4,242 4,263 3,683
Current tax liabilities 1,595 1,720 1,400
10,406 8,178 7,710
Total liabilities 3 17,156 17,920 17,152
Total equity and liabilities 23,701 23,228 22,745
CEPS PLC
Consolidated Statement of Cash Flows
Six months ended 30 June 2024
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Cash flows from operating activities
Profit for the financial period 952 793 1,224
Adjustments for:
Depreciation and amortisation 425 390 821
Loss on disposal of fixed assets 4 2 21
Pension contributions less than administrative charge - 50
Net finance costs 354 393 755
Taxation charge 274 184 567
Changes in working capital
Movement in inventories (18) (158) (250)
Movement in trade and other receivables (407) (834) (965)
Movement in trade and other payables 519 1,347 652
Movement in provisions (5) - 400
Cash generated from operations 2,098 2,117 3,275
Corporation tax paid (122) (111) (450)
Net cash generated from operating activities 1,976 2,006 2,825
Cash flows from investing activities
Interest received - 6 1
Deferred consideration paid in respect of the acquisition of subsidiaries and (64) (223) (320)
businesses in prior periods
Purchase of property, plant and equipment (145) (525) (610)
Proceeds from sale of assets - - 70
Purchase of intangible fixed assets (8) (23) (80)
Purchase of loan notes in subsidiary from holder - - (57)
Net cash used in investing activities (217) (765) (996)
Cash flows from financing activities
Purchase of subsidiary shares from minority holders - - (2)
Proceeds from borrowings 127 - 502
Repayment of borrowings (590) (405) (1,253)
Dividends paid to minority shareholders in a subsidiary - - (157)
Interest paid (282) (451) (889)
Lease liability payments (217) (181) (398)
Net cash flow used in financing activities (962) (1,037) (2,197)
Net increase/(decrease) in cash and cash equivalents 797 204 (368)
Cash and cash equivalents at the beginning of the period 916 1,284 1,284
Cash and cash equivalents at the end of the period 1,713 1,488 916
Cash and cash equivalents
Cash at bank and in hand 1,713 1,488 916
CEPS PLC
Consolidated Statement of Changes in Equity
Six months ended 30 June 2024
Share capital Share premium Retained earnings Attributable to owners of the parent Non-controlling interest Total equity
£'000 £'000 £'000 £'000 £'000 £'000
At 1 January 2023 2,100 7,017 (7,526) 1,591 2,924 4,515
(audited)
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
Actuarial gain - - 13 13 - 13
Profit for the year - - 151 151 280 431
Total comprehensive income for the financial year - - 164 164 280 444
Changes in ownership in interest in subsidiaries - - 26 26 (27) (1)
Dividends paid in respect of non-controlling interests - - - - (158) (158)
At 31 December 2023 (audited) 2,100 7,017 (6,931) 2,186 3,407 5,593
Profit and total comprehensive income for the financial period - - 481 481 471 952
Capital reduction (note 6) (2,037) (7,017) 9,054 - - -
At 30 June 2024 (unaudited) 63 - 2,604 2,667 3,878 6,545
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 2024.
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 2023 were
approved by the Board of directors on 2 May 2024 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.
Basis of preparation
This condensed consolidated half-yearly financial information for the six
months ended 30 June 2024 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 2023, 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 2023 and with those to be
applied for the year ending 31 December 2024, as described in the 2023 annual
financial statements. There are no new standards or interpretations expected
to be adopted in 2024 that would have a significant impact on the financial
statements.
2. Exceptional items
There have been no new material exceptional items in the period ended 30 June
2024 (2023: none). The expected surplus of £537,000 from the pension scheme
was included as a credit in exceptional items in the year ended 31 December
2023 together with a related tax charge of £134,000. After the final
professional fees, the surplus was £37,000 lower and £28,000 less after tax.
This has been presented as an exceptional cost of £37,000 and tax credit of
£9,000.
Dilapidation provisions were also assessed in 2023 and the non-recurring cost
shown in exceptional items. There has been no change to this estimate as at 30
June 2024.
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, 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 £15,892,000
(2023: £15,054,000) of revenue, £15,089,000 (2023: £14,188,000) 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 2024
Aford Friedman's
Awards
Hickton Total
Group
Group
£'000 £'000 £'000 £'000
Revenue 2,057 3,461 10,374 15,892
Segmental result (EBITDA) 450 479 1,332 2,261
Right-of-use depreciation charge (38) (84) (66) (188)
Depreciation and amortisation charge (74) (100) (61) (235)
Group costs (including exceptional cost) (258)
Net finance costs (354)
Profit before taxation 1,226
Taxation (274)
Profit for the period 952
Unaudited 6 months to 30 June 2023
Aford Friedman's
Awards
Hickton Total
Group
Group
£'000 £'000 £'000 £'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
Audited 12 months to 31 December 2023
Aford Friedman's
Awards
Hickton Total
Group
Group
£'000 £'000 £'000 £'000
Revenue 3,476 6,826 19,373 29,675
Expenses (2,920) (5,759) (17,304) (25,983)
Segmental result (EBITDA) 556 1,067 2,069 3,692
Depreciation and amortisation charge (142) (208) (125) (475)
IFRS 16 depreciation (75) (168) (99) (342)
Group costs (net of exceptional credit) (329)
Net finance costs (including IFRS 16) (755)
Profit before taxation 1,791
Taxation (567)
Profit for the year 1,224
ii) Assets and liabilities by segment
Unaudited as at 30 June Segment assets Segment liabilities Segment net (liabilities)/assets
2024 2023 2024 2023 2024 2023
£'000 £'000 £'000 £'000 £'000 £'000
Continuing operations:
CEPS Group 458 192 (5,526) (5,455) (5,068) (5,263)
Aford Awards 4,117 4,099 (1,806) (2,028) 2,311 2,071
Friedman's 8,201 8,377 (2,911) (2,884) 5,290 5,493
Hickton Group 10,925 10,560 (6,913) (7,553) 4,012 3,007
Total - Group 23,701 23,228 (17,156) (17,920) 6,545 5,308
Audited as at 31 December 2023 Segment assets Segment liabilities Segment net (liabilities)/assets
£'000 £'000 £'000
Continuing operations:
CEPS Group 626 (5,729) (5,103)
Aford Awards 3,828 (1,769) 2,059
Friedman's 7,872 (2,709) 5,163
Hickton Group 10,419 (6,945) 3,474
Total - Group 22,745 (17,152) 5,593
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 £481,000 (2023: £405,000)
and on 21,000,000 (2023: 21,000,000) ordinary shares, being the weighted
number in issue during the period.
5. Net debt and gearing
Gearing ratios at 30 June 2024, 30 June 2023 and 31 December 2023 are as
follows:
Group Group Group audited
unaudited unaudited 31 December 2023
30 June 2024 30 June 2023
£'000 £'000 £'000
Total borrowings 8,604 9,470 9,067
Less: acquisition loan notes (1,997) (2,309) (2,125)
Less: cash and cash equivalents (1,713) (1,488) (916)
Net debt 4,894 5,673 6,026
Total equity 6,545 5,308 5,593
Gearing ratio 75% 107% 108%
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.
As stated in the Annual Report 2023, the loan from a third party of
£2,000,000 is repayable by 30 June 2025. For this reason, it is now shown
as a current liability in these financial statements and gives rise to a net
current liability position of £1,043,000. It is the Board's intention to
refinance this loan by the end of the 2024 financial year.
6. Share capital and premium
Number of shares Share capital Share premium Total
£'000
£'000
£'000
At 1 January 2024 21,000,000 2,100 7,017 9,117
Capital reduction - (2,037) (7,017) (9,054)
At 30 June 2024 21,000,000 63 - 63
A General Meeting was held on 20 March 2024 regarding a proposed share capital
reduction in the Company and the cancellation of the share premium account
which was approved by special resolution. On 30 April 2024 an order of the
High Court of Justice, Chancery Division, confirmed the reduction of the share
capital in the Company and the cancellation of its share premium account. As
a result, the nominal amount of each ordinary share in issue in the Company
of £0.10 was reduced by £0.097 to £0.003 with an amount of £2,037,000
transferred to the profit and loss reserve together with £7,017,000 from the
cancellation of the share premium account.
7. Related-party transactions
During the period the Company entered into the following transactions with its
subsidiary groups:
Aford Awards Group Holdings Limited
£'000
Signature Fabrics Limited Hickton Group Limited
£'000 £'000
Loan note interest receivable
- 6 months to 30 June 2024 38 24 97
- 6 months to 30 June 2023 38 29 95
- For the year to 31 December 2023 (audited) 76 56 193
Management charge income receivable
- 6 months to 30 June 2024 10 18 12
- 6 months to 30 June 2023 10 18 6
- For the year to 31 December 2023 (audited) 20 35 25
Dividends received
- 6 months to 30 June 2024 - - -
- 6 months to 30 June 2023 - - -
- For the year to 31 December 2023 (audited) - 193 -
Amount owed to the Company
- 30 June 2024 1,235 789 2,248
- 30 June 2023 1,310 969 2,453
- For the year to 31 December 2023 (audited) 1,254 816 2,439
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
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. END IR FIFSEAAIRIISRecent news on Ceps
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